PHOENIX — New York-based Time Equities has purchased Paradise Village Office Park in Phoenix from Sterling Equities and Lincoln Property Co. for an undisclosed price.
Located at 11811 N. Tatum Blvd., the five-story property offers 268,516 square feet of Class A office space. The building features an extensive glass façade, a five-story atrium lobby, tenant lounge, conference and training center and a yoga/fitness room. At the time of sale, the asset was 72 percent leased to a mix of national, regional and local tenants.
Barry Gabel and Chris Marchildon of CBRE represented the sellers, which co-owned the property for more than 13 years. CBRE’s Sean Spellman and Corey Hawley, leasing agents for the site, also assisted in the sale.