Colliers International negotiated the $1.25 million investment sale of the former Pottery Paradise property located in Old Town at 4338 N. Scottsdale Rd., in Scottsdale, Ariz. The site is currently fully leased to a Mexican food restaurant, Diego Pops.
Stan Sanchez, senior vice president with Colliers, represented the seller, Pottery Paradise, Inc., of Scottsdale, Arizona. The property was acquired jointly by Scottsdale Canal Project LLC and Hermosa Inn Restaurant LLC, of Scottsdale, who were self-represented.
The buyers acquired the property as an investment, with plans for future development. Specific details were not disclosed.
With a per-square-foot sale price of $602.70 and a capitalization rate of 4.43, Sanchez says this sale reflects an upward trend in the investment market and for property values along Scottsdale Road.
The C-2 zoned site consists of a 7,252-square-foot lot and a 2,704-square-foot building built in 1970. The property is ideally situated with its premier Old Town Scottsdale locale offering frontage on Scottsdale Road and located south of the southeast corner of Stetson Drive and Scottsdale Road.
Pottery Paradise operated as a Mexican pottery store continuously on the site from 1950 until its closing in 2014, and was a well-known tourist destination that predated the city of Scottsdale’s incorporation. In 2014, the owners leased the site to Ryan Jocque, owner of the Original Chop Shop Co., who converted the store into Diego Pops, a Mexican food restaurant.