Phoenix shopping center Paradise Village Gateway sells for $28.5 million

Another Phoenix shopping mall has changed hands along Tatum Boulevard.

Paradise Village Gateway — off Shea and Tatum boulevards — was bought for $28.5 million by GC Tatum and Shea LP on Nov. 21, according to Tempe-based real estate database Vizzda LLC.

The open air shopping center was built in 1996 and spans nearly 18 acres and 217,000 square feet. It is home to Ross Dress for Less, PetSmart, The UPS Store and other food, retail and beauty businesses. It was previously owned by SCC Paradise Village Gateway AZ LLC, who was represented by Michael Owendoff of SITE Centers, a real estate investment trust that invests in shopping centers.

The buyer, GC Tatum and Shea LP, was represented by Thomas “Tom” Lile of Gulf Coast Commercial Group, Inc., a real estate agency based in Houston.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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