Paradise Valley Plaza — Sale in 5020 & 5040 E Shea Blvd

  • Price: $21.5M
  • Listing type: For sale
  • Asset type: Office
  • Location: 5020 & 5040 E Shea Blvd
  • Size: 100,203 SF

Investment Figures

Price per square foot
$215

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Three building, two-story office/medical complex totaling ??100,203 square feet (SF).95% leased to a diverse — sticky — tenant mix of ??50% office and ??50%. medical/wellness tenants.??60% of the tenants in the project have been there for over 7 years. The tenants move around within the complex OR have received new tenant improvements in exchange for market lease rates as the ownership pushed to upgrade the complex and reset rates to market.??70% of the tenant spaces in the property are brand new spec suites or have been modernized within the last five (5) years. — Waterfront-like — location at the northern — shoreline — of the prestigious and tiny/supply-constrained Paradise Valley office and medical market, which prohibits commercial developments within its massive 15 ?? square mile borders.Highly desirable architecture with large portions of — drive-up — exterior loading suites, interior and outdoor courtyards, breezeways, and balcony spaces.Manageable average tenant size of ??2,500 SF increases income security and predictability, with limited configuration options which translates into lower tenant improvement costs.Manageable average tenant size of ??2,500 SF increases income security and predictability, with limited configuration options which translates into lower tenant improvement costs.NEWS FLASH: small tenants are on fire in Phoenix and buildings under ??50,000 SF have an average occupancy of 93.2%.The rare combination of catering to smaller tenants (under 10,000 SF) and being one of a handful of office/medical properties in the trade area, perfectly positions the property to attract tenants who benefit from the proximity to the Paradise Valley — s exceptional wealth.Situated one (1) mile south from Paradise Valley Mall — s massive 100+ acre mixed-use redevelopment.Commanding presence with invaluable building signage along 575 feet of frontage on Shea Boulevard — the primary arterial road serving the Paradise Valley and neighboring central Scottsdale trade areas.Adjacent, and walkable to, the renowned and amenity-rich intersection of Tatum and Shea Boulevards, which boasts approximately one half million square feet of retail.Extensive upgrades with $266,500 in renovations during 2020-2023 and $800,000 in common area renovations completed in 2015.Located two (2) miles from the SR-51, which provides fast access to other distinguished neighborhoods such Arcadia, Biltmore/Camelback Corridor, North Central, and North Scottsdale.

Market Context

This office in 5020 & 5040 E Shea Blvd is listed for sale at $21,500,000 across 100,203 SF. It has been on the market for 238 days. Compare it against other office listings for sale in 5020 & 5040 E Shea Blvd — view the full market.

Contact

  • Eric Wichterman — Cushman and Wakefield

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