Zocallo Plaza, a 51,195 square-foot retail center located near Scottsdale Road and Frank Lloyd Wright Boulevard in Scottsdale, sold for $15.55 million.
Built in 1999, Zocallo Plaza is currently 100 percent occupied by a diverse, specialty tenant roster, including Corner Bakery Café, Pella Windows, Desert Schools Credit Union and Classy Closets to name a few. The property spans 4.02 acres and offers excellent frontage and visibility along Scottsdale Road.
Cushman & Wakefield negotiated the sale of the retail center on behalf of the seller, Enright Zocallo LP. The buyer was undisclosed.
Cushman & Wakefield’s Executive Managing Directors Ryan Schubert and Michael Hackett worked on the deal for Enright Zocallo LP.
“Zocallo Plaza offered investors an extraordinary opportunity to acquire a retail center in the world-renowned Scottsdale/Kierland area surrounded by premier retail at Scottsdale Quarter and Kierland Commons, in addition to an explosion of high-density luxury housing,” according to Executive Managing Director Michael Hackett.
Zocallo Plaza is located within the Kierland Master Planned Community, a 730-acre community that includes the Westin Kierland Resort and Golf Club, 216-acres of residential space, 107-acres of commercial/retail space, 123-acres of commercial/office space and 11-acres of parks and open space. Additionally, Kierland Commons and the Scottsdale Quarter are adjacent to the property, both of which offer high-end retail shopping and dining options