Cassidy Turley announced that Kootenay Holdings, a private investor, has acquired Palm Valley Office Park I and II, a 83,575-square-foot office project located at 1616 North Litchfield Road and 1646 North Litchfield Road in Goodyear, for $15.35 million ($183.67 per square foot). The seller was REO Asset Manager, Steve Schrag of Key Bank c/o KeyCorp Real Estate Capital Markets, Inc.
Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group brokered the transaction on behalf of the buyer and the seller.
“Palm Valley Office Park is the market leader for class-A office product in the West Valley,” said Cartledge. “The project has an excellent track record of attracting high quality tenants that want an upscale office environment.”
Executive Managing Director Jeffery Hartland and Associate Vice President Scott Boardman of Cassidy Turley’s Office Group have been engaged by Kootenay Holdings for the marketing and leasing assignment of Palm Valley Office Park I & II.
“We are glad to complete this transaction along with our Capital Markets team,” said Mr. Boardman. “Our team is looking forward to the improvements Kootenay has planned for the asset and continued leasing success.”
Built in 2000, Palm Valley Office Park I & II is a class-A office project prominently positioned within the heart of the master planned Palm Valley community in Goodyear. Rising two stories each and comprising a combined total of 83,575 square feet, the buildings are uniquely designed with striking architecture, reflective glass, stone accents and dramatic two-story atrium lobbies. The Office Park is situated amid a wealth of amenities and within one-half mile of Interstate 10, creating a conveniently accessible, premier business environment. The property was 87.8% leased at the time of sale to high quality companies including, Edward Jones, Wells Fargo Home Mortgage, American Family Insurance and a well-diversified group of medical practices and real estate services companies.