Cushman & Wakefield announced the firm has advised the sale of Paradise Valley Plaza, a three-building, multi-tenant office and medical complex totaling 100,203 square feet in Phoenix, Arizona. Located at 5010, 5020 and 5040 E Shea Boulevard, the suburban property is 95% leased to a diverse tenant mix of ±50% office and ±50% medical/wellness tenants.
MORE NEWS: Here’s how Discovery Oasis is creating the future of healthcare
The low-rise complex was acquired by Woodside Health Development, LLC for $20.9 million. Headquartered in Cleveland, OH, Woodside Health is a private equity firm that invests in the healthcare real estate sector.
Eric Wichterman, Mike Coover and Chris Toci with Cushman & Wakefield’s Private Capital Markets in Phoenix represented the seller, Cloud Peak Development LLC.
“Paradise Valley Plaza is a high-quality asset featuring a balanced blend of office and medical space with a ‘sticky’ tenant mix. Adding to its investment appeal, the complex has been extensively renovated over the past few years. Over two-thirds of the building’s footprint contains new tenant improvements constructed as spec suites or to specifically suit the tenants,” said, Mike Coover, Managing Director.
Eric Wichterman, Vice Chair, continued, “The combination of catering strictly to smaller tenants and being one of only a handful of office/medical properties in this prestigious and supply-constrained trade area perfectly positions the property to maintain a high level of occupancy while boosting rents well above the typical growth rate.”
The property also features unique and desirable architecture with large portions of ‘drive-up’ exterior loading suites, interior and outdoor courtyards, breezeways, and balcony spaces.
Paradise Valley Plaza benefits from substantial frontage on Shea Boulevard, the primary arterial road serving the Paradise Valley and neighboring central Scottsdale trade areas. The complex is walkable to an abundance of retail located adjacent and is just one mile from Paradise Valley Mall’s massive 100+ acre mixed-use redevelopment. Piestewa Peak Parkway (SR-51) lies just two miles west, providing far reaching access to the property.
