The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
June 17, 2024
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Institutional Investor Spends $25 Mil on Pair of AZ Retail Assets


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
Marketplace at Lincoln and Scottsdale; 6560-6590 N. Scottsdale Rd
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.”

Return to the Archive page

Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media