Newly developed trophy office/retail property fully leased to strong tenant mix
Cushman & Wakefield announced today the firm has advised the sale of the newly developed The Grove at McCormick Ranch, a 27,956 sf mixed-use project in Scottsdale, Arizona. The asset consists of a fully leased Class A office and retail sold for $14 million. The buyer was McCormick Project LLC, Yury Gampel and the seller was McCormick Retail Partners, LLC.
Eric Wichterman and Mike Coover with Cushman & Wakefield in Phoenix represented the seller in the transaction. Scott Boardman and Brent Mallonee also of the firm provided office and retail leasing advisory, respectively.
“The Grove at McCormick Ranch is a trophy mixed-use asset featuring an impressive, synergetic tenant roster in an exceptional infill location in Scottsdale,” said Eric Wichterman, Executive Managing Director. “The property is nestled within the densely populated, upscale McCormick Ranch area, which benefits from significant barriers to entry.”
Wichterman continued, “The project enjoyed tremendous success during 2020, with nearly half of the project leasing despite the challenges of the pandemic that particularly deeply impacted the office and retail sectors.”
The Grove at McCormick Ranch, located at 7300 & 7400 N Via Paseo Del Sur, 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. The Class A property comprises approximately 59% of office space and 41% retail space. The property features stunning Spanish architecture and high-quality masonry construction. It is surrounded by walkable upscale neighborhoods and located within one-quarter mile of the Loop 101 freeway.