Newmark announced it has completed the sale of Mercado at Scottsdale Ranch, a shopping center located at the corner of Via Linda and Mountain View in the heart of Arizona’s Scottsdale Ranch community. The asset sold for $26,500,000.
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Newmark Senior Managing Directors Steve Julius and Jesse Goldsmith and Director Chase Dorsett represented the undisclosed seller in the transaction. The acquisition marks the buyer’s first foray into the Arizona market, adding to their portfolio of assets across the Southeast and Midwest.
“This property is a thriving shopping center in a great neighborhood, and we’re excited to see it added to the buyer’s portfolio,” said Julius. “The tenant mix embodies what investors are seeking today: restaurants, fitness, medical, and local services which cater the local residents’ daily needs.”
Constructed in 1987, Mercado at Scottsdale Ranch spans 118,751 square feet on an 8.6-acre site and boasts a high occupancy rate of 94.8%. Encompassing retail, office and service space, the property is anchored by notable tenants including Planet Fitness, Walgreens and Goldie’s Sports Café, along with 30 other diverse retail and service tenants. It is strategically located in the high-growth Scottsdale submarket, a high-demographic neighborhood with easy access to the Loop 101 Freeway, less than two miles to the east.
The area is well-served by amenities, including Scottsdale Ranch Park, a major entertainment district, Scottsdale Airport, Honor Health Hospital and various shopping centers. The property also benefits from significant traffic, with nearly 34,000 cars passing daily through the intersection.
