JLL Capital Markets announced today that it has closed the $6.65 million sale of 16640 North Scottsdale Rd., a nearly two-acre site purchased primarily for land value that currently houses a 15,000-square-foot retail center at the coveted intersection at Frank Lloyd Wright and Scottsdale Road in Scottsdale, Arizona.
JLL marketed the property on behalf of the seller, Amiel Properties, LLC. A joint venture lead by Jim Riggs, who partnered with Keith Mishkin (Cambridge Properties) and Angelo Giudice (Magna Legacy), purchased the asset. Riggs is a 25-year Scottsdale real estate commercial developer and nine-time NAIOP award winner who specializes in infill mixed-use projects.
Situated on 1.885 acres, 16640 North Scottsdale Rd. is at an infill location on the southwest corner of the intersection at Scottsdale Road and Bell Road/Frank Lloyd Wright Boulevard in the northern part of Scottsdale, an affluent Phoenix suburb that has the highest median housing price of any of the large Valley cities. The property is surrounded by trophy office buildings, resorts and other world-renowned amenities, including the Tournament Players Club (TPC) golf course, which is the home of the Phoenix Waste Management Open. The buyer is still finalizing future plans for the site.
“We are close to announcing our plan for a truly Iconic project complimenting the adjacent Frank Lloyd Wright Spire,” said Rigs, who NAIOP named Developer of the Year three times. “Expect a mixed-use plan with a large residential component.”
The JLL Capital Markets team was led by Managing Director Brian Ackerman.
“This location is one of a handful of true trophy locations in metropolitan Phoenix, and the opportunities are plentiful for redevelopment,” Ackerman said.