Fully-leased Retail Center on Raintree Added to Future Mixed-Use Redevelopment Site
PHOENIX, ARIZ. – 101 Envy Raintree, LLC has purchased the fully-leased retail building at 8698 E. Raintree Dr. for $8 million to complete its larger assemblage within Northsight. The company recently acquired the adjacent retail center and plans to create a sizable mixed-use, redevelopment project, within this coveted Scottsdale Airpark location.
Northsight, a 300-acre master-planned mixed-use project offers a careful blend of office, retail, hotel and airport uses with direct access to Loop 101 in north Scottsdale. Built in 2004, surrounded by major retailers such as WalMart, Lowe’s and Home Depot, the 29,444-square-foot retail center was originally built on a 2.7-acre site as a single-occupant retail showroom. It was later was 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 recently acquired the neighboring property at 8680-8690 E. Raintree Dr. That project contains 103,294 square feet of space on 10.3 acres. The buyer now plans to redevelop the combined site for mixed-use purposes, including retail, multi-family, and possible storage facilities.
“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 1 Million square feet of office tenants nearby; as well as the restaurants and retailers. 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.” says Jim Riggs of Platinum Advisors.
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 Jim Riggs of Platinum Advisors and Keith Mishkin of Cambridge Properties.
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