Wilshire Capital Partners of Los Angeles purchased the Scottsdale 68 Design District from Fenway Properties, for a price of $11M, according to Christopher E. Toci, Executive Director of Cushman & Wakefield of Arizona.
Toci, Chad Littell, Greg Valladao and Brian Kocour of Cushman & Wakefield of Arizona, Inc. represented the seller and procured the buyer.
The popular 109,652 SF specialty retail center is 92% occupied by a variety of tenants that cater to interior designers, architects and trade professionals.
Notable tenants include John Brooks Incorporated, Dean-Warren, Horizon Art and Sun Valley Interiors. Located on the SWC of 68th St. and Thomas Rd., the property is near affluent housing and historic Downtown Scottsdale.
Constructed in 1976, the property was significantly modernized and renovated by Fenway in 2008. The renovation was designed to blend the charm of Old Town Scottsdale with an updated contemporary appeal. The single-level buildings are situated on a 9.24-acre parcel of land.
“This retail property offers a tremendous infill location that is close to executive housing and the market dynamics desired by the design community,” Toci said. “Many of the design district’s tenants work closely with the art galleries of Old Scottsdale, which is situated just down the street. “