Cushman & Wakefield announced today the sale of Zocallo Plaza, a 51,195 square foot (sf) strip-retail shopping center located on Scottsdale Road, between Greenway-Hayden Loop and Tierra Buena Lane in Scottsdale, Ariz. for $15.55 million.
Cushman & Wakefield Executive Managing Directors Ryan Schubert and Michael Hackett represented the seller, Enright Zocallo LP. The buyer was undisclosed.
Built in 1999, Zocallo Plaza is currently 100% occupied by a diverse, specialty tenant roster, including Corner Bakery Café, Pella Windows, Desert Schools Credit Union and Classy Closets to name a few. The property spans 4.02 acres and offers excellent frontage and visibility along Scottsdale Road, considered to be one the best in the Valley.
“Zocallo Plaza offered investors an extraordinary opportunity to acquire a retail center in the world-renowned Scottsdale/Kierland area surrounded by premier retail at Scottsdale Quarter and Kierland Commons, in addition to an explosion of high-density luxury housing,” according to Executive Managing Director Michael Hackett.
Zocallo Plaza is located within the Kierland Master Planned Community, a 730-acre community that includes the Westin Kierland Resort and Golf Club, 216-acres of residential space, 107-acres of commercial/retail space, 123-acres of commercial/office space and 11-acres of parks and open space. Additionally, Kierland Commons and the Scottsdale Quarter are adjacent to the property, both of which offer high-end retail shopping and dining options