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11/13/12
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We’ve got two recent AZ retail sales to report, one a $39 mil buy in Scottsdale and the other an $8 mil deal in Glendale. Together they contain about 163k sf of total space.
In Scottsdale, Global Retail Investors, out of Bethesda, MD, paid $38.7 mil for Lincoln Village Shops, a 71.1k sf ($544/sf) specialty retail center located at 6202 N. Scottsdale Rd, south of Lincoln Dr. The asset was sold by Scottsdale Road Partners, an affiliate of Redwood Real Estate Partners.
The seller, a privately-owned entrepreneurial real estate investment company, purchased the property in 1993 and over the years has redeveloped the property into one of the most attractive specialty centers in Scottsdale. The complex caters to affluent Scottsdale and Paradise Valley residents.
Patrick Dempsey and Jan Fincham, both principals with Lee & Associates Arizona, facilitated the transaction. “Lincoln Village features national tenants Walgreens and Trader Joe’s and has evolved into one of the most dynamic properties in the Scottsdale area,” said Dempsey. “The tenants at Lincoln Village enjoy high sales volumes because of the wealthy population in this demographic area,” Dempsey added.
Lincoln Village is also home to other national and regional tenants such as Fogo de Chao, Einstein’s Bagel, My Sister’s Closet, Well Suited and the popular Rancho Pinot Grill restaurant.
In the Glendale deal, Los Altos-based WVP Cactus LLC purchased Cactus Crossings, a 91.6k sf neighborhood retail center on the northeast corner of 67th Ave and Cactus Rd, for $7.8 mil ($85/sf). Built in 1987, Cactus Crossings was 92% occupied at the time of sale. It is anchored by Big Lots and also includes such other tenants as Anytime Fitness, Edward Jones, Ultra Cleaners and Century 21 Realty.
Ryan Schubert and Michael Hackett with Cassidy Turley Arizona’s Retail Capital Markets Group negotiated the sale on behalf of the seller, Encino-based EC Cactus Crossings LLC.
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