Lee and Associates is pleased to announce the sale of
a two-property, Class A portfolio of Scottsdale Seville and La Mirada Shopping
Center, both in Scottsdale, for $72,500,000.
The Fincham Dempsey Team at Lee & Associates, led by principals Jan
Fincham and Pat Dempsey, facilitated the transaction along with Lee principals
Craig Coppola and Andrew Cheney who assisted with the sale. The seller was
a partnership of several San Francisco Bay area investors. The buyer was
Whitestone REIT, Houston, TX.
The Scottsdale Seville Shopping Center sold for $34,000,000 and is a Class A
boutique Lifestyle center built in 1990. It is located at the NEC of Scottsdale and
Indian Bend roads. The property consists of 90,042 SF and includes national
and regional tenants such as Ruth’s Chris Steak House, Starbucks, Wildfl ower
Bread Company, Jamba Juice, Orange Theory Fitness and Azadi Fine Rugs. The
center is located across the street from the new $2 Billion Ritz-Carlton Resort.
The La Mirada Shopping Center, sold for $38,500,000, was built in 1996
and consists of 147,209 SF. It is located at the NEC of Pima and Pinnacle
Peak roads in the heart of the affl uent demographic of North Scottsdale and
attracts shoppers from many master-planned communities such as Silverleaf,
DC Ranch, McDowell Mountain Ranch, Troon, Troon North, Legend Trails and
Greyhawk. Tenants at La Mirada include the renowned Maestro’s Steak House,
Walgreens, Starbucks, Jade Palace, Russ Lyon, Sotheby’s, and Pima Animal