North Scottsdale shopping center sells for $72.5M
The Fincham Dempsey Team at Lee & Associates brokered the sale of the Sonora Village retail shopping center for $72,500,000.
The property is located at the southwest corner of Frank Lloyd Wright Boulevard and Loop 101 in North Scottsdale.
Sonora Village is a Class A regional power and entertainment center built in 1986. The sale consists of 269,369 square feet which includes the newly developed 6,000-square-foot Zen Asian Kitchen, Advanced Auto, El Pollo Loco and Chase Bank.
The team, led by Principals Jan Fincham and Pat Dempsey, facilitated the transaction on behalf of both the buyer, Sonora Village LLC, controlled by YAM Special Holdings and the sellers, Sonora Village Investors LLC, a company controlled by Ryan Denk and Bob Mariash and SimonCRE ABBIE II, LLC, a company controlled by Josh Simon of SimonCRE and Ryan Denk.
“The property is attractive because of the strategic location in the aﬄuent North Scottsdale trade area as well as the customer draw from the dynamic tenant mix which includes major anchor tenants and multiple entertainment venues. The property benefits significantly from the proximity to Scottsdale Airpark and the 50,000-plus daily employees in the area who shop and dine at the property,” said Fincham and Dempsey.
Notable tenants also include Best Buy, Staples, Party City, Pearle Vision, Aaron Rents, Mattress Firm and Wildﬂower Bakery. Sonora Village also features an entertainment component with Studio Movie Grill, O.H.S.O. Brewery, Four Peaks Brewery, Peter Piper Pizza, Skeptical Chemist, Potbelly Sandwich Shop and Rubio’s Mexican Grill.