Scottsdale shopping center sells for $8.5M

Shea 70 plaza in Scottsdale (submitted photo)

Shea 70 plaza in Scottsdale (submitted photo)

Just west of the intersection of Scottsdale Road and Shea Boulevard in Scottsdale, Shea 70 Plaza, trades hands for $8.5 million or $253/square foot.

Shea 70 Plaza is a 33,615 square foot retail center, built in 1988 and located on the southwest corner of 70th Street and Shea Boulevard.

ORION Investment Real Estate represented the Seller, an affiliate of Hedgewood Properties, based in Toronto Ontario, Canada and the buyer was an investment group out of Monterey, Calif.

Earlier this month, the same buyer purchased a shopping center in Glendale for $8.3 million, according to a press release.

Shea 70 Plaza was 92 percent leased at the time of sale with a variety of tenants serving the daily needs of the community, including Comfort Dental, VCA Animal Hospital, At Home Fitness, Sylvan Learning Center, DS Nutrition, True Rest Float Spa, Thai House, and more.

Ari Spiro, Sean Stutzman and Jared Williams at ORION Investment Real Estate negotiated the transaction, along with Greg Valladao at Cushman & Wakefield.

“This sale further illustrates the strong demand from out-of-state investors in the Phoenix market,”stated Mr. Williams in the release. “We’ve seen a significant uptick in buyer interest, especially from California, where buyers are unable to find the type of yield which is available in Arizona retail investments. ORION sold this same buyer Greenway Promenade earlier this month for $8,300,000.”

The Scottsdale Independent publishes a free daily newsletter. A print edition is mailed to 75,000 homes and businesses each month. If you value our journalistic mission, please consider showing us your support.

You are encouraged to leave relevant comments but engaging in personal attacks, threats, online bullying or commercial spam will not be allowed. All comments should remain within the bounds of fair play and civility. You can disagree with others courteously, without being disagreeable. Feel free to express yourself but keep an open mind toward finding value in what others say. To report abuse or spam, click the arrow in the upper right corner of the comment box.

Facebook Comment