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7/12/22
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An unnamed institutional buyer paid $25.7 million for a retail portfolio comprising two shopping centers totaling 38.3k sf in Phoenix and Scottsdale, AZ. The assets were sold by MDC Realty Advisors, a subsidiary of Epic Investment Services.
One of the properties, Corner on 7th, is a 16.2k sf, strip retail center 93.5% leased to a popular slate of mainly restaurant and service tenants, including Ahi Poki, Wingstop, Vovemeena, Mad Greens, Chipotle, Zoyo, Cryotherapy for Veterans and Five Guys. The center, which offers a rare, shared courtyard, is situated on 1.24 acres at 527-539 W. McDowell Rd and 1515 N. 7th Ave at a high traffic intersection with more than 77,000 cars passing by daily. This dense location near both Downtown and Uptown Phoenix serves the more than 310,000 employees within a five-mile radius.
Marketplace at Lincoln and Scottsdale; 6560-6590 N. Scottsdale Rd |
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The other property, Marketplace at Lincoln and Scottsdale in Scottsdale, is a 22.1k sf, Class A neighborhood center that is fully leased to essential retail, restaurants and health and wellness tenants such as Mixtures Pharmacy, Herbal Nails & Spa, Wolfson Cardiology, Scramble, Radiant Waxing Salon, S & L Dental and SumoMaya. Positioned on 2.19 acres at 6560-6590 N. Scottsdale Rd, the trophy center caters to Arizona’s most affluent communities, Scottsdale and Paradise Valley, and is in an irreplaceable location with high barriers to entry in the heart of Scottsdale and is adjacent to the new Ritz-Carlton Resort.
Patrick Dempsey and Associate Patrick Anthon with JLL Retail Capital Markets represented the seller in the deal.
“Institutional Investors remain interested in high-quality retail properties with daily needs tenants that are internet resistant,” Dempsey said. “Despite the recent increase in the cost of mortgage financing, there are investors who are interested in buying best-in-class retail properties.”
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