JLL Capital Markets announced today it has closed the $25.7 million sale of a retail portfolio comprising two shopping centers totaling 38,274 square feet in Phoenix and Scottsdale, Arizona.
JLL marketed the properties on behalf of the seller, MDC Realty Advisors, a subsidiary of Epic Investment Services. An institutional buyer acquired both assets.
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The portfolio comprises Corner on 7th and Marketplace at Lincoln and Scottsdale in Scottsdale. The 16,202-square-foot Corner on 7th is a strip retail center 93.5 percent leased to a popular slate of mainly restaurant and service tenants, including Ahi Poki, Wingstop, Vovemeena, Mad Greens, Chipotle, Zoyo, Cryotherapy for Veterans and Five Guys. The center, which offers a rare, shared courtyard, is situated on 1.24 acres at 527-539 W. McDowell Rd. and 1515 N. 7th Ave. at a high traffic intersection with more than 77,000 cars passing by daily. This dense location near both Downtown and Uptown Phoenix serves the more than 310,000 employees within a five-mile radius.
The Marketplace at Lincoln and Scottsdale in Scottsdale is a 22,072-square-foot, Class A neighborhood center that is fully leased to essential retail, restaurants and health and wellness tenants such as Mixtures Pharmacy, Herbal Nails & Spa, Wolfson Cardiology, Scramble, Radiant Waxing Salon, S & L Dental and SumoMaya. Positioned on 2.19 acres at 6560-6590 N. Scottsdale Rd., the trophy center caters to Arizona’s most affluent communities, Scottsdale and Paradise Valley, and is in an irreplaceable location with high barriers to entry in the heart of Scottsdale and is adjacent to the new Ritz-Carlton Resort.
The JLL Retail Capital Markets team representing the seller was led by Managing Director Patrick Dempsey and Associate Patrick Anthon.
“Institutional Investors remain interested in high-quality retail properties with daily needs tenants that are internet resistant,” Dempsey said. “Despite the recent increase in the cost of mortgage financing, there are investors who are interested in buying best-in-class retail properties.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
