Scottsdale shopping center sells for $3.75M

The Village at Via Linda (Submitted photo)

The Village at Via Linda (Submitted photo)

Colliers International in greater Phoenix recently sold Scottsdale’s 35,733-square-foot Village at Via Linda shopping center for $3.75 million as part of a 1031 exchange.

Arizona Partners of Phoenix, a real estate developer and investment firm, purchased the center, 8989 E. Via Linda, from Village of Via Linda LLC of Los Angeles.

Colliers’ Scottsdale office brokered the transaction, according to a press release.

Lauren Rodes, a former associate with Colliers, represented the buyer, stated the release. The seller’s brokers were Mike Milic, vice president, and Tyler Bush, associate; both of Colliers, according to the release.

The two-story shopping center with office space is situated on 2.67 acres. The center is approximately 60 percent leased to office and retail tenants, including two insurance companies as well as retail tenants such as a flower shop, a pet hotel and a Thai restaurant, stated the release.

“Village at Via Linda is located in one of the most desirable submarkets in the entire metropolitan region,” stated Mr. Milic in the release. “It is located within McCormick Ranch, a mature and growing retail, office and residential area, near the Scottsdale Ranch and Gainey Ranch master-planned communities and the Cure Corridor. It is a highly attractive property.”

The center is in the “Cure Corridor,” an area along Shea Boulevard to the Scottsdale Airpark which contains a high concentration of bio-life science activity, according to the release. The property also is south of the Honor Health Scottsdale Shea Medical Center.

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