By Scottsdale Airpark News staff
Scottsdale Shops, a 9,715-square-foot retail property, was recently sold from one limited liability company to another.
Built in 2005, the retail shopping strip at 14900 N. Pima Road is an excellent value-add opportunity through redevelopment or leasing, according to Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services that announced the sale. The average household income within a three-mile radius of the shopping strip exceeds $152,000 annually.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2.55 million.
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. The buyer was procured by Ruble and Lind.
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.