Buchanan Street Bags Scottsdale Office Property
SoCal-based Buchanan Street Partners upped its holdings in metro Phoenix this week with the acquisition of the 198k SF Paradise Valley Corporate Center at 4835 East Cactus Rd in Scottsdale. Buchanan Street VP Brian Payne says the prospect for employment growth in Phoenix, combined with a lack of much office development in the submarket lately, made the deal attractive. The company now owns more than 1M SF in the Phoenix market.
Paradise Valley Corporate Center was 95% leased at time of sale. Buchanan Street plans to keep it competitive for new tenants and especially retention with lobby, landscaping and other common area upgrades in 2016. Cushman & Wakefield's Christopher Toci repped the private seller, while Buchanan Street repped itself.