Phoenix – Paradise Village Corporate Center Limited Partnership, formed by Daryl Burton of Presson Corp. in Phoenix, paid $26.985 million ($135.98 per foot) to acquire a 198,452-square-foot office project located at 4835 E. Cactus Road in Phoenix. The seller was CMLT 2008-LS-1 East Cactus Road LLC, a company managed by LNR Partners LLC in Miami, Fla. The cash sale was brokered through Eric Wichterman and Mike Coover of Cassidy Turley BRE Commercial in Phoenix. The four-story property, called Paradise Valley Corporate Center, is 78 percent occupied. The project was built in 2002.
Reliance Management in Phoenix (Burton’s company) will manage the asset. Jeff Wentworth, Blake Hastings and Sean Spellman of Cassidy Turley have the leasing assignment. The previous owner lost the project to foreclosure after defaulting on a loan owed to the seller, which is a commercial mortgage backed security (CMBS). In December 2006, BREW reported a company formed by Pacifica Real Estate Group in Santa Barbara, Calif. (Jerry Beaver, chairman) paying $52.5 million ($264.40 per foot) to buy Paradise Valley Corporate Center. Over the years, BREW has reported companies formed Burton acquiring numerous industrial, office and retail properties in the Phoenix and Tucson areas. Burton is looking for additional investment opportunities in the Valley . . . likes value-added properties.
Find out more from Burton at (602) 265-6000. Talk to the Cassidy Turley agents at (602) 954-9000.
