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Joint Venture Buys Scottsdale Development Site

6/25/20

An investment joint venture purchased a nearly two-acre site in Scottsdale, AZ primarily for land value. The property, which currently houses a 15k sf retail center, sold for $6.65 mil.

The 1.885-acre property, located at 16640 North Scottsdale Rd, is an infill site on the southwest corner of the intersection at Scottsdale Road and Bell Road/Frank Lloyd Wright Blvd in the northern part of Scottsdale, an affluent Phoenix suburb that has the highest median housing price of any of the large Valley cities. The property is surrounded by trophy office buildings, resorts and other world-renowned amenities, including the Tournament Players Club (TPC) golf course, which is the home of the Phoenix Waste Management Open. The buyer is still finalizing future plans for the site.

JLL’s Brian Ackerman represented the seller, Amiel Properties LLC. The buying enity is lead by Jim Riggs, and includes Keith Mishkin (Cambridge Properties) and Angelo Giudice (Magna Legacy). Riggs is a 25-year Scottsdale real estate commercial developer and nine-time NAIOP award winner who specializes in infill mixed-use projects.

“We are close to announcing our plan for a truly Iconic project complementing the adjacent Frank Lloyd Wright Spire,” said Riggs. “Expect a mixed-use plan with a large residential component."




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