Bob Parsons (YAM Properties) purchased the "Village Center" community shopping center at the northwest corner of Paradise Village Parkway and Cactus Road on Friday. The cash-only transaction totaled $24.8 million, or $156 per square foot. The asset was sold by Walton Street Capital. CBRE (Jesse Goldsmith, Steve Julius) represented both parties in this transaction.
Located across the street from Paradise Valley Mall, this nearly 160,000 square foot shopping center includes tenants such as Subway, Dollar Tree, Circle K, and Half Price Books. It was built in 1988 on 11.5 acres, and is within walking distance of two apartment complexes.
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