Lee and Associates has announced the sale of a two-property, Class A portfolio of Scottsdale Seville and La Mirada Shopping Center, both in Scottsdale, for $72,500,000.
The Fincham Dempsey Team at Lee & Associates, led by principals Jan Fincham and Pat Dempsey, facilitated the transaction along with Lee principals Craig Coppola and Andrew Cheney and Associate, Gregg Kafka who assisted with the sale, according to a press release.
The seller was a partnership of several San Francisco Bay area investors. The buyer was Whitestone REIT, the release states.
The Scottsdale Seville Shopping Center sold for $34,000,000 and is a Class A boutique lifestyle center built in 1990. It is at the northeast corner of Scottsdale and Indian Bend roads.
The property consists of 90,042 square feet and includes national and regional tenants such as Ruth’s Chris Steak House, Starbucks, Wildflower Bread Company, Jamba Juice, Orange Theory Fitness and Azadi Fine Rugs.
The center is across the street from the new planned Ritz-Carlton resort in the Town of Paradise Valley.
The La Mirada Shopping Center, sold for $38,500,000, was built in 1996 and consists of 147,209 square feet. It is located at the northeast corner of Pima and Pinnacle roads.
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