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Phoenix & Southwest   /   October 9, 2020

Dennis Kaiser
By: Dennis Kaiser

Paradise Valley Plaza Picked Up by Montana Investor

Billings, MT-based Cloud Peak Development, LLC acquired Paradise Valley Plaza in Paradise Valley from Solana Beach, CA-based Fenway Capital Advisors for nearly $16.75 million. The office property consists of three, two-story buildings totaling 100,241 square feet.

The complex at 5010, 5020 and 5040 E. Shea Blvd. sits on nearly six acres. It features expansive frontage along Shea Boulevard and was 92% leased at the time of sale to a diversified tenant mix. Two buildings were developed in the 1980s and another in 2000, with the entire campus undergoing a renovation in 2015.

Cushman & Wakefield’s Eric Wichterman, Mike Coover, Steve Lindley, Robert Buckley and Tracy Cartledge represented the buyer and seller in the transaction.

Wichterman says, “The property’s location, recently completed renovation and rare Santa Fe architectural design have all contributed to its exceptional historical occupancy rate of well over 90% over the last twenty years.”

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Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience.
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