CBRE Group, Inc., completed the sale of Scottsdale Towne Square, a 162,259-square-foot grocer-anchored center at 13802 N. Scottsdale Rd. in Scottsdale, Ariz.
The seller, Holualoa Scottsdale Retail LLC, based in Tucson, Ariz., was represented by CBRE’s Phoenix Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham.
The buyer is Salt Lake City-based Woodbury Corporation, a full-service real estate and development company. Total consideration for the sale was $31 million.
“Scottsdale Towne Square presented a rare opportunity to acquire a premier location with significant frontage along Scottsdale Road, one of the busiest roadways in the region with more than 50,000 drivers daily,” said CBRE’s Young. “The property is well-positioned for redevelopment.”
Built in 1986 at the intersection of Scottsdale and Thunderbird roads, the nearly 14-acre site features more than 1,100 feet of frontage along Scottsdale Road.
Holualoa purchased the property in 2012 at 60 percent occupancy and, after an extensive renovation, leased the property to its current 95.7 percent occupancy. The tenancy features anchor Natural Grocers, family- and service-oriented tenants, and seven restaurants, including Ra Sushi and First Watch.
The property also benefits from proximity to the North Scottsdale/Scottsdale Airpark submarket, the second-largest employment hub in Arizona. The area also boasts amenity-rich retail, hotel/resort and multifamily options.
