North Scottsdale Land Sold for $7.1 Million for Retail, Office, Multifamily Project

A 4.5 acre land parcel at the SWC of Scottsdale Rd. & Chauncey Ln., Scottsdale, sold for $7,128,728 or $36.33 per SF.

Lee & Associates Principal Bob Kling negotiated the sale on behalf of the buyer, Chauncey Retail Partners, Tempe and the seller, JBL Scottsdale Market, LLC of Dallas, TX.
Plans for the property include a 300-unit, 4-story luxury apartment community, a four-building, high-end retail development with approximately 33,000 SF facing Scottsdale Rd. One of the retail buildings will feature several fl oors of Class A offi ce space above the retail component totaling approximately 20,000 SF.
The development will feature walkable amenities, lush landscaping, gathering spaces and an urban street environment in the spirit of other nearby developments such as Kierland Commons.
Construction is set to begin sometime in 2017.

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