Cushman & Wakefield has announced that Arizona-based Pivot Development, LLC has purchased Papago Plaza and an adjacent office building in South Scottsdale for $12.5 million.
Cushman & Wakefield Senior Vice Presidents Dan Salley and Jack Wilson negotiated the acquisition.
Papago Plaza is a pueblo-style retail center located at 7047 E. McDowell Rd. The retail building contains 118,078 square feet of space and is situated on a 455,202-square-foot parcel. Constructed in 1975, the center is currently 66 percent leased. In addition to the retail center, Pivot Development purchased an office building with a ground lease. The office building is situated adjacent and immediately to the west of the retail property.
Pivot Development, LLC purchased the properties from Bert B. Malouf, LLC and William B. Malouf, LLC. Both buyer and seller are based in Scottsdale.
“Pivot Development excels at renovating older retail centers and reinvigorating their market position,” said Mr. Salley. “Papago Plaza is located in the renaissance area of Scottsdale along the McDowell Corridor, which is a hub of infill revitalization. The SkySong project, neighborhood commercial renovation and new residential development in the area all contribute to the increasing value of this property. Once renovated, it will be a strong retail destination, attracting customers from both Old Town Scottsdale to the north and central Tempe to the south.” The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.
