CBRE has completed the sale of a single-tenant retail property located at 7316 E. Stetson Drive in Scottsdale, Ariz. The asset, which is currently home to Red Revolver Night Club, commanded a sale price of $2.1 million.
Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office represented the seller, GEM Realty Advisors, LLC of Phoenix. The buyer, Zephyr Cove, Nev.-based Tornga Family, LLC, was represented by Robert Jones with Torrey Pines Real Estate Investments, Inc.
“Old Town Scottsdale is one of the healthiest submarkets in Metropolitan Phoenix,” said CBRE’s Julius.
“Scottsdale has several new multifamily developments underway, has recently announced high-profile office-users entering the market, and continues to have one of the most vibrant night-life and retail scenes in the Valley. The Stetson building is well situated for long-term success.”
This transaction marks the second sale the CBRE retail investment team has completed in Old Town in recent history. The previous sale was the US Bank Plaza building located at 4273 N Scottsdale Road, which sold for $3.94 million. Julius and Goldsmith note that investor interest in the submarket has been strong through the first quarter of 2015 and they expect that demand to remain steady.