Scottsdale’s Upscale Lincoln Plaza Shopping Center Sells for $25M

Lincoln Plaza 2Lincoln Plaza Shopping Center, located on the southwest corner of Scottsdale Road and Lincoln Drive in Scottsdale, was sold to an investment group for $25 million, or $330 per square foot.

AJ’s Fine Foods is the supermarket anchor of the premier retail center that is poised for future redevelopment.

Lee & Associates’ Fincham/Dempsey Investment Team, led by Principals Pat Dempsey and Jan Fincham, facilitated the transaction on behalf of both the buyer, RN Properties South Mountain, LLC. of Phoenix, and the seller, Lincoln Plaza Limited Liability Co. of Scottsdale.

RN Properties purchased the property utilizing a 1031 Exchange, after selling South Mountain Crossing Shopping Center in Phoenix in June.

Fincham and Dempsey represented RN Properties on that transaction as well.

The sale of Lincoln Plaza completes a trifecta of deals brokered by Fincham/Dempsey of $75 million in the past 18 months at the southwest corner of Lincoln Drive and Scottsdale Road that includes the sale of The Borgata, Lincoln Village and now Lincoln Plaza.

“The future potential for this property is very strong due to its location and appeal to tenants seeking Arizona’s most affluent demographic,” says Dempsey.

The 75,744-square-foot luxury shopping center includes the aforementioned AJ’s Fine Foods and Scottsdale Marketplace as well as other high-end retail stores. It is surrounded by established shopping destinations, resort and entertainment venues close by.

For more information, contact: Pat Dempsey, 602-954-3772, pdempsey@leearizona.com; or Jan Fincham, 602-954-3754, jfi ncham@leearizona.com.

Leave a Reply

Your email address will not be published. Required fields are marked *

2 × 5 =