The Paradise Valley Corporate Center, near Cactus Road and Tatum Boulevard, sold for $37.4 million to a California-based real estate investment firm.
Cushman & Wakefield’s Executive Director Chris Toci and Director Chad Littell negotiated the sale to Buchanan Street Partners, and no other outside broker was involved.
The office complex is currently 94 percent leased.
Paradise Valley Corporate Center is a Class A office project in the Scottsdale and Paradise Valley are, and has access to about 2.3 million square feet of walkable amenities and easy freeway access, Toci said.
The 4-story Paradise Valley Corporate Center was built in 2002, and has 198,534 square feet of office space, featuring large, flexible floor plates, spacious lobbies, ample glass lines, and an onsite deli.
“The property enjoys immediate access to approximately 2.3 million square feet of walkable amenities, convenient freeway access, an attractive Scottsdale address, and is surrounded by the highest demographics in metro Phoenix,” said Mr. Toci. The demographics in Scottsdale/Paradise Valley are the highest in metro Phoenix with average annual incomes of $109,000 in Scottsdale and $132,000 in Paradise Valley.