Buchanan Street Partners has purchased Paradise Valley Corporate Center, a 198,000-square-foot office building at 4835 East Cactus Road in Scottsdale, Arizona. The acquisition increases Buchanan Street’s real estate investment holdings in the Greater Phoenix area to more than 1 million square feet as the firm continues to expand its Arizona portfolio. Terms of the sale were not disclosed.
“We continue to invest in Phoenix because it is an active market with sustainable job growth in the area,” said Brian Payne, vice president at Buchanan Street Partners. “Continued prospects for employment growth and the lack of any meaningful office development in the immediate submarket bode well for rent growth at the project.”
Paradise Valley Corporate Center was 95 percent leased at time of sale. Buchanan Street plans lobby, landscaping and other common area upgrades in 2016 to modernize the project.
The four-story building is proximate to Paradise Valley Mall and 2.3 million square feet of retail amenities. The project is accessible from State Route 51 via the East Cactus road offramp.
“Paradise Valley Corporate Center is located in an affluent submarket with abundant amenities nearby,” added Payne. “This property is central to executive and employee housing, positioning it as an attractive location for business owners.”
Christopher Toci of Cushman & Wakefield represented the seller (unnamed) in the transaction, and Buchanan Street represented itself.