High image development positioned in powerhouse submarket
Cushman & Wakefield announced today the firm has brokered the sale of Chauncey Lane Marketplace, a newly constructed Class A mixed-use office/retail property in north Scottsdale, Arizona. The high-image asset totals 34,963 square feet in three stories and was acquired by Los Angeles-based Ronal, LLC for $17.4 million. The seller was Chauncey Retail Partners, LLC.
Cushman & Wakefield’s Eric Wichterman and Mike Coover brokered the transaction.
“Chauncey Lane is a rare mixed-use development featuring an exceptional and synergistic mix of retail and office tenants,” said Eric Wichterman, Executive Managing Director. “Recently built in 2019, this trophy property enjoyed strong leasing success in both office and retail segments during 2020 and into 2021.”
Mike Coover, Managing Director added “The project offers a great flagship location for retailers coupled with best-in-class office space that is well positioned in a powerhouse Scottsdale Airpark trade area. Additionally, the property is surrounded by major upscale neighborhoods as well as tourism, sports and entertainment attractions.”
Chauncey Lane, located at 17757 & 17767 N. Scottsdale Rd, just two blocks south of the Loop 101 Freeway, was developed in 2019 by Creation, a development and alternative investment firm led by David Sellers and Bob Agahi, and local investors, Mike and Bret Anderson.
Chauncey Lane features commanding street identity along Scottsdale Rd. Retail uses within the property include breakfast dining, a cocktail lounge, and a salon/spa. A broad spectrum of office users occupy the property, including financial advisors, a law firm, a residential development firm, and a dental practice.