ORION Investment Real Estate is pleased to announce the successful ground lease sale of the Danny’s Family Car Wash located at 15515 N. Scottsdale Rd. in Scottsdale, Ariz., for $6.5M to Pacific Scottsdale, LLC. The seller was Scottsdale Place, LLC.
The car wash, detailing center, gas facilities and 2 convenience stores, totaling approximately 17,700 square feet did not convey in this transaction and are currently owned by Danny’s Family Car Wash, who in turn leases the 3.25 acres. “A property like this does not come along very often. It is over 140,000 square feet of prime North Scottsdale real estate with Scottsdale Road frontage. It is in the middle of 3 marquee projects, namely the Scottsdale Quarter, Kierland Commons, and the Scottsdale Promenade. It is also in close proximity to a couple of major future redevelopments, the former Robb & Stucky site and the Cracker Jax site.”
The buyer, a partnership of high net worth local investors, was drawn to the site because of its superior location and plans to hold for redevelopment. “This was truly a win-win transaction in which the Seller sold at a premium at nearly $50 per square foot for the land, but still left some ‘meat on the bone’ for the next Buyer,” noted Ari Spiro, ORION’s lead broker on this transaction.
The property was purchased for cash after a 45-day escrow. ORION’s Principal, Sean Stutzman summarizes, “Great real estate always gets better and there are few intersections in the entire Southwest quite like this.” ORION should know having transacted over $50 million in real estate at or adjacent to the intersection of Scottsdale Road and Greenway-Hayden Loop in recent years, including most recently assembling the former Barcelona nightclub and adjacent office building. That site, currently nearing completion, is being developed by PB Bell and IPA and later this year will open as Liv Scottsdale, a 240-unit apartment project across from Scottsdale Quarter.
Spiro concludes, “this part of Scottsdale is just booming with high density mixed-use development as it continues its maturation into one of the most dynamic commercial and residential areas in the west. It will virtually be unrecognizable in five years!”