Colliers International brokered the sale of Agave Center, a 2.46-acre shopping complex in Scottsdale, AZ. With 16,038 square feet of retail space and positioned at the highly trafficked intersection of Scottsdale Road and Acoma Drive, Agave Center is 100% occupied by local and national credit tenants. The $9.775 million sale and 6.2% CAP represent a record per-square-foot rate for an unanchored Scottsdale shopping center.
Colliers’ Snyder Carlton Team, a southern California based brokerage team specializing in single tenant and multi-tenant retail investment properties nationwide, represented the seller in the transaction. Negotiations of Agave Center by the Snyder Carlton Team emphasize a continued cross-market uptick for national investment during the pandemic.
“The Scottsdale market is one of the hottest commercial and residential markets in the country,” said Eric Carlton, Executive Vice President at Colliers. “Retail centers are still alive and thriving in the COVID era, and buyers can find tremendous opportunity. Out-of-state capitol continues to flow into Arizona. Agave Center showcases the return available for retail property owners looking to sale assets under the current market conditions.”
The Snyder Carlton Team at Colliers has closed hundreds of transactions in over 40 states for a total transaction volume of more than $3 billion. Representing national real estate investment trusts, public institutions, private equity companies, real estate developers, pension funds and private investors based throughout the United States, the Agave Center transaction showcases the diversity of interest from a wide breadth of institutional organizations placing capital in Arizona markets.