Investor purchases $8 million north Scottsdale retail center

The five-tenant site at 8698 E. Raintree Drive is anchored by a Boot Barn western wear store. (Submitted photo)

101 Envy Raintree LLC has purchased the fully leased retail building at 8698 E. Raintree Drive for $8 million to complete its larger assemblage within Northsight.

The company recently acquired the adjacent retail center and plans to create a mixed-use redevelopment project within this Scottsdale Airpark location, according to a release.

Northsight, a 300-acre master-planned, mixed-use project, offers office, retail, hotel and airport uses with direct access to Loop 101 in north Scottsdale.

Built in 2004, the 29,444-square-foot retail center was originally built on a 2.7-acre site as a single-occupant retail showroom, according to the release.

It was later converted by the seller to a five-tenant configuration anchored by a Boot Barn western wear store, together with Enterprise Bank, Massage Envy, Brooklyn Bedding and Ski Pro Outlet. Brian and Tommy Woods, of Colliers International, completed the leasing for this center.

Prior to this purchase, the company acquired the neighboring property at 8680-8690 E. Raintree Drive. That project contains 103,294 square feet of space on 10.3 acres. The buyer plans to redevelop the combined site for mixed-use purposes, including retail, multi-family and possible storage facilities, according to the release.

“Raintree and 101 is a special intersection in the Valley and we intend to adaptively reuse the former Sports Chalet building for inside storage and build nearly 300 units of Class A residential to support the one million square feet of office tenants nearby; as well as the restaurants and retailers,” Jim Riggs of Platinum Advisors said in the release.

“Imagine living at this location 100 yards from a grocery store, freeway access and a Chick Fil A. We are excited at the opportunity to build another award-winning project,” he said.

Mindy Korth and Kirk Kuller of Colliers International in Greater Phoenix represented the seller, a private southern California investor, in the transaction. The buyer was represented by Mr. Riggs of Platinum Advisors and Keith Mishkin of Cambridge Properties, according to the release.

For information on Colliers International Group Inc., go to Colliers.com.

The Scottsdale Independent is published monthly and mailed to 75,000 homes and businesses in Scottsdale.

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