Full-service real estate firm Time Equities, Inc., recently acquired Paradise Village Office Park, a five-story, 268,516-square-foot Class A office building for $43 million from Sterling Equities and Lincoln Property Company. Located at 11811 N. Tatum Blvd. in Phoenix, Arizona’s Paradise Valley, a premier Phoenix submarket, this acquisition represents TEI’s first office property in Arizona and its second asset in the state.
“We are particularly excited about the acquisition of Paradise Village Office Park for multiple reasons, not least of which being, Time Equities’ expansion into the Phoenix office market,” said Aaron Medeiros, Director of Acquisitions at TEI.
Over the next year, and in collaboration with the Design & Innovation team, TEI will implement a large-scale redesign of the common areas, as well as introduce new design concepts and amenities to the building. The property’s lobby atrium is one of the largest in the market, an element that TEI intends to take full advantage of through its Art-in-Buildings (AiB) program, activating the space with works of art by renowned artists around the globe.
TEI’s Medeiros and Keaton Baum, Acquisition and Asset Management Analyst at the firm represented TEI in the transaction. CBRE’s Barry Gabel and Chris Marchildon represented the sellers, Sterling and Lincoln Property, and were assisted by the building’s current leasing agents, Sean Spellman and Corey Hawley, also of CBRE.
Current amenities at the Paradise Village Office Park includes a tenant lounge, conference center and training room; an on-site deli and a cafe; a secured covered parking garage with 945 parking spaces and professional on-site management to its tenants.
As well, the building is conveniently situated in one of the most amenity-rich submarkets in the Phoenix area. Located adjacent to the Paradise Valley Mall and numerous other retail centers, the development offers a wide variety of shops and restaurants. Accessibility to major freeways is another feature offered by the location, as the Park sits within 2.5 miles of the SR-51 freeway and five miles of the Loop 101/ Cactus Road interchange. Tenants at Paradise Village Office Park are also within 15 minutes of Sky Harbor International Airport.
Founded in 1966, Time Equities, Inc. is a diversified investment, development, asset and property management, and alternative energy company that has been in business for more than 55 years. TEI currently holds in its own portfolio approximately 38.7 million square feet of residential, industrial, office and retail property including about 5,500 multi-family apartment units, approximately 1.5 million square feet in pending acquisitions, and 1 million square feet of various property types in stages of pre-development and development.
Committed to enriching the the experience of its properties, Time Equities, Inc. founded Art-in-Buildings in 2000 at the Maiden Lane Exhibition Space at 125 Maiden Lane. AiB is an innovative approach that brings contemporary art by emerging and mid-career artists to non-traditional exhibition spaces in the interest of promoting artists, expanding the audience for art, and creating a more interesting environment for our building occupants, residents, and their guests.