The Lincoln Village Shops retail shopping center was sold to a privately owned real estate investment company for $38.7M.

Bethesda, Md.-based Global Retail Investors purchased the 71,142 SF specialty retail center at 6202 N. Scottsdale Rd. south of Lincoln Dr., from Scottsdale Road Partners, an affiliate of Redwood Real Estate Partners.

The seller, Redwood Real Estate Partners, is a privately-owned entrepreneurial real estate investment company focused on the acquisition, development and redevelopment of commercial real estate throughout the U.S., and particularly on the West Coast.

They purchased the property in 1993 and over the years have redeveloped the property into one of the most attractive specialty centers in Scottsdale that provides retail services to affluent Scottsdale and Paradise Valley residents.

Investment brokers Patrick Dempsey and Jan Fincham, both principals with Lee & Associates Arizona, facilitated the transaction.

“Lincoln Village features national tenants Walgreens and Trader Joe’s and has evolved into one of the most dynamic properties in the Scottsdale area,” Dempsey said. “The tenants at Lincoln Village enjoy high sales volumes because of the wealthy population in this demographic area.”

Lincoln Village is also home to other national and regional tenants such as Fogo de Chao, Einstein’s Bagel, My Sister’s Closet, Well Suited and the popular Rancho Pinot Grill restaurant.