P.F. Chang’s north Scottsdale headquarters sold

P.F. Chang has sold its headquarters at the corner of Miller and Pinnacle Peak Road in Scottsdale. (Submitted photo)

Cushman and Wakefield completed the sale of the former P.F. Chang’s headquarters, at the intersection of Miller and Pinnacle Peak roads in Scottsdale.

Miami-based Lennar Homes purchased the property from Scottsdale-based P.F. Chang’s for $12 million, according to a press release.

Brooks Griffith with Cushman and Wakefield’s land advisory group, along with Mitch Chilton and Tom Jacobs with Cushman and Wakefield’s tenant advisory group represented the seller in the transaction.

Lennar Homes plans to demolish the existing building and build a luxury, gated community called Paseo at Pinnacle Peak, a release states. Plans call for 55 single-family homes on the 20-acre site.

“This is an exceptional redevelopment opportunity for Lennar Homes in a highly desirable submarket,” Mr. Griffith said in a prepared statement.

“Prospective homebuyers will benefit from the close proximity to high-end restaurants and retail in the North Scottsdale area.”

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