Northsight Village III, a 8,532 square foot retail building, closed for $1,475,000 ($172.88-per-square-foot).
The building was occupied by AVIS Rent a Car and Traders Smoke Shop at the close of escrow. Judi Butterworth and Derek Buescher of ORION Investment Real Estate represented the seller, LES and NSS Irrevocable Trust, in this transaction. The buyer was Mohawk Partners, LLC.
Easily accessible by three major arterials, including Loop 101, Northsight Village III is surrounded by national tenants, including: Costco, Home Depot, Walmart Supercenter, Sam’s Club, Kohl’s, Best Buy and Staples.
More importantly, the area has added many new restaurants and continues to grow. The subject property can accommodate a sizeable restaurant, as it shares a significant parking lot with the strip center to the south.
“This property is located in North Scottsdale in the prestigious Scottsdale Airpark. This affluent trade area serves approximately 100,000 employees and is enjoying an influx of popular local restaurants,” says Butterworth and Buescher. “The property was 28% occupied at close of escrow and the new ownership is looking forward to leasing up the remainder of the building in the near future,” they concluded.