Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Scottsdale Shops, a 9,715-square foot retail property located in Scottsdale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,550,000.
Zack House, Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was procured by Ruble and Lind.
Built in 2005, the Scottsdale Shops retail shopping strip is an excellent value-add opportunity through redevelopment or leasing. The average household income within a three-mile radius of the shopping strip exceeds $152,000 annually. The property is located at 14900 North Pima Road in Scottsdale, Arizona, within the prime North Scottsdale retail corridor. The city of Scottsdale is among Arizona’s 10 largest cities and continues to be recognized nationwide as one of the top markets for business performance, job growth, livability and friendly culture.