Strong Investor Demand in Scottsdale Fuels $8.5 Million Shopping Center Sale

Just west of the high profile intersection of Scottsdale Road and Shea Boulevard in Scottsdale, Shea 70 Plaza, trades hands for $8,500,000 or $253/SF. Shea 70 Plaza is a 33,615 square foot retail center, built in 1988 and located on the southwest corner of 70th Street and Shea Boulevard.

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ORION Investment Real Estate represented the Seller, an affiliate of Hedgewood Properties, based in Toronto Ontario, Canada and the Buyer was an investment group out of Monterey, California. Earlier this month, the same buyer purchased a shopping center in Glendale for $8,300,000.  Shea 70 Plaza was 92% leased at the time of sale with a variety of tenants serving the daily needs of the community, including Comfort Dental, VCA Animal Hospital, At Home Fitness, Sylvan Learning Center, DS Nutrition, True Rest Float Spa, Thai House, and more.

 

Ari Spiro, Sean Stutzman and Jared Williams at ORION Investment Real Estate negotiated the transaction, along with Greg Valladao at Cushman & Wakefield. Jared Williams noted, “This sale further illustrates the strong demand from out-of-state investors in the Phoenix market.  We’ve seen a significant uptick in buyer interest, especially from California, where Buyers are unable to find the type of yield which is available in Arizona retail investments. ORION sold this same buyer Greenway Promenade earlier this month for $8,300,000.”

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