A two property Class A retail portfolio in Scottsdale, which includes Scottsdale Seville and La Mirada Shopping Center, sold for $72,500,000 million, according to Lee & Associates.
The Fincham Dempsey Team at Lee & Associates, led by principals Jan Fincham and Pat Dempsey, facilitated the transaction along with Lee principals Craig Coppola and Andrew Cheney and Associate, Gregg Kafka, who assisted with the sale. The seller was a partnership of several San Francisco Bay area investors. The buyer was Houston-based Houston-based Whitestone REIT.
The Scottsdale Seville Shopping Center sold for $34,000,000 and is a Class A boutique Lifestyle center built in 1990. It is located at the NEC of Scottsdale and Indian Bend roads. The property consists of 90,042 square feet and includes national and regional tenants such as Ruth’s Chris Steak House, Starbucks, Wildfl ower Bread Company, Jamba Juice, Orange Theory Fitness and Azadi Fine Rugs. The center is located across the street from the upcoming $2 Billion Ritz-Carlton Resort.
The La Mirada Shopping Center, sold for $38,500,000, was built in 1996 and consists of 147,209 SF. It is located at the NEC of Pima and Pinnacle Peak roads in the heart of the affl uent demographic of North Scottsdale and attracts shoppers from many master-planned communities such as Silverleaf, DC Ranch, McDowell Mountain Ranch, Troon, Troon North, Legend Trails and Greyhawk. Tenants at La Mirada include the renowned Maestro’s Steak House, Walgreens, Starbucks, Jade Palace, Russ Lyon, Sotheby’s, and Pima Animal Hospital.
