ORION sells iconic 7 Thousand Shea for $16M
DPC Companies, headquartered in Denver, has purchased 7 Thousand Shea; a mixed-use 145,000 square foot development in Scottsdale, Arizona, adjacent to beautiful Paradise Valley. ORION Investment Real Estate facilitated the sale for $16,000,000, or $110 per square foot.
Well-situated on over 8.3 acres, 7 Thousand Shea sits near the premier Scottsdale Road and Shea Boulevard intersection. The property is located around some of the most expensive housing in the state with average home values in excess of $1M. It is adjacent to Paradise Valley and the highest concentration of million dollar homes and estates in the Southwest.
“With its desirable Paradise Valley location, the center presents the opportunity to create a first class, mixed-use project,” said Chris King, president and CEO of DPC Companies. “7 Thousand Shea is a great addition to our already well-established Arizona portfolio and we are excited to make this an iconic mixed-use project on a rare Scottsdale infill site,” King continued.
With plans for significant, first-class upgrades already in the works, DPC is planning space to accommodate high-end dining, retail spaces, and creative office space with contemporary finishes and move-in ready suites.
“This has been an underperforming and transitional property for more than a decade! Having gone through a foreclosure, the Seller [Younan Properties] did a terrific job stabilizing the asset post-foreclosure, while delivering their investors a very solid return,” noted ORION’s President, Ari Spiro.
With the Scottsdale Office and Retail market well into its recovery, Spiro concludes, “We are very confident that DPC will continue to bring value to this asset as they continue to redevelop the site. This is one of the best locations in the state and we are excited to witness and to have played a part in bringing additional value to this already prestigious neighborhood.”
Andrew Harrison of ORION Investment Real Estate represented the Buyer. Chris King and Justin Lutgen managed the acquisition on behalf of DPC. Ari Spiro, Sean Stutzman and Jared Williams of ORION Investment Real Estate represented the Seller, Younan Properties, based in Woodland Hills, CA.