New retail property in Scottsdale sells for $3.5 million

New retail property in Scottsdale sells for $3.5 million

By Christina Fuoco-Karasinski

The newly completed retail property at 14850 N. 87th Street in Scottsdale has been sold for $3.5 million.

The local owners of YC’s Mongolian Grill purchased the property and plan to relocate their former Pavilions Talking Stick restaurant to the building’s northern endcap.

GW Raintree LLC of Scottsdale was the purchasing entity, buying the property from 101 Mega Raintree LLC of Scottsdale. Brian Woods of Colliers in Arizona handled the sale transaction.

The 8,424-square-foot building was completed in 2020 and sits on 1.14 acres of land. The project is located between the Loop 101 and the Scottsdale Airpark.

YC’s Mongolian Grill will join Sweetwaters Coffee & Tea and G.O.A.T. Haircuts in the building.

“The buyer was looking for a North Scottsdale investment opportunity where they could open a new restaurant,” Woods said. “This property checked all the boxes and was a win-win for both buyer and seller.”

The 101 Mega Raintree was developed by Scottsdale developer Jim Riggs and is a 15-acre mixed use project on the southwest corner of Raintree and 101, just north of Kohl’s. It includes a Public Storage project recently completed by Wentworth, a 320-unit luxury multifamily project under construction by Wood Partners, and a multitenant retail building.

“Colliers has been excellent to work with, and Brian has handled leasing and sales admirably,” Riggs said.

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