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6/04/12
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Sonora Village, a 248.3k sf retail center in Scottsdale, AZ, sold for $46.5 mil ($187/sf). The property, located at 15515-15745 North Hayden Rd, south of Frank Lloyd Wright Blvd on the west side of the 101 Fwy, was sold by Westwood Financial Corp, one of the largest owner-operators of shopping centers in the U.S.
The 33-suite shopping center, built in 1996, is 82-percent leased. Tenants include Best Buy, Staples, Studio Movie Grill, Party City, Aaron Brothers, Peter Piper Pizza, Chase and Wildflower Bread Company.
According to Westwood Financial Executive VP Joe Dykstra, the company has invested in retail properties in Arizona since 1989 and has owned 33 properties at one time or another in Phoenix and Tucson, and expects to continue to be an active buyer in the state. The firm has sold six of their Arizona properties for almost $100 mil over the last six months.
Sonora Village was bought by Sonora Village Investors LLC, an investment group formed by real estate investors Bob Mariash and Ryan Denk. Jan Ficham of Lee Phoenix represented them. Westwood Financial was represented in the transaction by Jan Fincham and Patrick Dempsey of Lee & Associates’ Phoenix office..
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