Cassidy Turley announced the completed the sale of Shea Scottsdale to an entity formed by Jerry Simms for $44.5M. Shea Scottsdale, 10653 N. Scottsdale Road, is a 160,228 SF retail center anchored by Safeway and CVS Pharmacy. The seller was Karlin Real Estate, based in Los Angeles.
Executive Managing Directors Michael Hackett and Ryan Schubert with Cassidy Turley Capital Markets Group represented Karlin Real Estate. Marty DeRito with DeRito Partners assisted the buyer.
“Shea Scottsdale is one of the premier neighborhood centers in the Southwest,” Mr. Hackett said. “The buyer saw tremendous value in the stability and long term growth available in purchasing an asset of this quality.”
The center was built in 1994 and was 95% leased at the time of sale. The transaction included all in-line space as well as additional pads with freestanding structures, including Wells Fargo, McDonalds, MidFirst Bank, Jason’s Deli and Arby’s.
Mr. Hackett and Mr. Schubert sold Shea Scottsdale and an adjacent 117,025 SF retail center Shea Scottsdale East, 7366 E. Shea Boulevard, to Karlin Real Estate in October 2011 for $50.32M. At that time the two centers had a combined overall occupancy of 85%. Karlin Real Estate has retained ownership of Shea Scottsdale East.