North Phoenix 80’s Office Asset Acquired by Jumping Cholla II LLC

4545 Investment Alliance sold the property to Jumping Cholla for $8.2 million. The 46,574 square foot property is 90% leased to a diverse group of tenants. Cushman & Wakefield’s Eric Wichterman and Mike Coover represented the seller. Wichterman likes the asset because opportunities like it are becoming scarce, “The restriction of commercial developments within the adjacent town of Paradise Valley, coupled with land costs in excess of what is feasible for office development, creates barriers to entry that benefit existing high quality properties such as 4545 Shea.”

Originally built in the mid-80’s and renovated during 2007-2008, the garden-style property features a vast, covered courtyard, as well as large outdoor common area patio spaces on the second floor connected by exterior walkways.

The building is located near the high-profile intersection of Tatum and Shea Boulevards–two main arterials serving Paradise Valley.