Washington investor buys near coveted Town of Paradise Valley
Staff Reports | Digital Free Press
Cushman & Wakefield officials are reporting the sale of an office building in Phoenix found near the intersection of Tatum and Shea boulevards at 4545 E. Shea Blvd.
The two-story, 46,574-square-foot property is 90% leased to a mix of tenants whereas 4545 Investment Alliance, LLC — a Washington company — acquired the asset from Jumping Cholla II, LLC for $8.2 million, according to a press release.
Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital and Capital Markets teams in Phoenix represented the seller in the transaction, the release states.
“This was a strong investment opportunity of an office building located in one of metro Phoenix’s most prestigious areas,” said Eric Wichterman, executive managing director, in a prepared statement. “The restriction of commercial developments within the adjacent Town of Paradise Valley, coupled with land costs in excess of what is feasible for office development, creates barriers to entry that benefit existing high quality properties such as 4545 Shea.”
Originally built in the mid-1980s and renovated during a 2007-’08 campaign, the garden-style property features a vast, best-in-class covered central courtyard, as well as large outdoor common area patio spaces on the second floor uniquely connected by exterior walkways.
The building is near the Tatum and Shea boulevards — two main arterials serving the Town of Paradise Valley. The property is also close to an abundant upscale collection of shopping, dining, sports and entertainment resort locations and is also convenient to State Route 51.