Cushman & Wakefield announced today that Pima Crossing, located on the northwest corner of Shea Boulevard and Pima Road in Scottsdale, Ariz., sold for $46.15 million to an entity formed by Los Angeles-based Karlin Real Estate.
Cushman & Wakefield Executive Managing Directors Michael Hackett and Ryan Schubert represented the seller, Regency Centers, L.P of Jacksonville, Fla.
Anchored by the PGA Superstore, Pima Crossing encompasses 283,275 square feet of retail space. Spanning 27.47-acres, the property is home to well-known national and regional tenants including Pier 1 Imports, Lifetime Fitness, Stein Mart, Scottsdale Beer Company, Discount Patio and many more. The center is currently 95% leased.
“Pima Crossing presented the opportunity to own a fantastic piece of in-fill, freeway positioned, Scottsdale real estate offering several avenues to add significant value,” according to Schubert.
Centrally located in North Scottsdale, Pima Crossing is adjacent to the 101 Freeway and minutes from HonorHealth Scottsdale Shea Medical Center. The center also has its own signalized intersection at the south end of the shopping center.