Full-service real estate firm Time Equities, Inc. (TEI), recently acquired Paradise Village Office Park, a five-story, 268,516-square-foot Class A office building for $43 million from Sterling Equities (Sterling) and Lincoln Property Company (Lincoln Property). Located at 11811 N. Tatum Blvd. in Phoenix, Arizona’s Paradise Valley, a premier Phoenix submarket, this acquisition represents TEI’s first office property in Arizona and its second asset in the state.
“We are particularly excited about the acquisition of Paradise Village Office Park for multiple reasons, not least of which being, Time Equities’ expansion into the Phoenix office market,” said Aaron Medeiros, Director of Acquisitions at TEI.
Over the next year, and in collaboration with the Design & Innovation team, TEI will implement a large-scale redesign of the common areas, as well as introduce new design concepts and amenities to the building. The property’s lobby atrium is one of the largest in the market, an element that TEI intends to take full advantage of through its Art-in-Buildings (AiB) program, activating the space with works of art by renowned artists around the globe.
TEI’s Medeiros and Keaton Baum, Acquisition and Asset Management Analyst at the firm represented TEI in the transaction. CBRE’s Barry Gabel and Chris Marchildon represented the sellers, Sterling and Lincoln Property, and were assisted by the building’s current leasing agents, Sean Spellman and Corey Hawley, also of CBRE.
Current amenities at the Paradise Village Office Park includes a tenant lounge, conference center and training room; an on-site deli and a cafe; a secured covered parking garage with 945 parking spaces and professional on-site management to its tenants.
As well, the building is conveniently situated in one of the most amenity-rich submarkets in the Phoenix area. Located adjacent to the Paradise Valley Mall and numerous other retail centers, the development offers a wide variety of shops and restaurants. Accessibility to major freeways is another feature offered by the location, as the Park sits within 2.5 miles of the SR-51 freeway and five miles of the Loop 101/ Cactus Road interchange. Tenants at Paradise Village Office Park are also within 15 minutes of Sky Harbor International Airport.
To learn more about Paradise Village Office Park or TEI and its investment and acquisitions strategy, please visit the website at www.timeequities.com.