Scottsdale shopping center sells for $8.5M

Just west of the intersection of Scottsdale Road and Shea Boulevard in Scottsdale, Shea 70 Plaza, trades hands for $8.5 million or $253/square foot.

Shea 70 Plaza is a 33,615 square foot retail center, built in 1988 and located on the southwest corner of 70th Street and Shea Boulevard.

ORION Investment Real Estate represented the Seller, an affiliate of Hedgewood Properties, based in Toronto Ontario, Canada and the buyer was an investment group out of Monterey, Calif.

Earlier this month, the same buyer purchased a shopping center in Glendale for $8.3 million, according to a press release.

Shea 70 Plaza was 92 percent leased at the time of sale with a variety of tenants serving the daily needs of the community, including Comfort Dental, VCA Animal Hospital, At Home Fitness, Sylvan Learning Center, DS Nutrition, True Rest Float Spa, Thai House, and more.

Ari Spiro, Sean Stutzman and Jared Williams at ORION Investment Real Estate negotiated the transaction, along with Greg Valladao at Cushman & Wakefield.

“This sale further illustrates the strong demand from out-of-state investors in the Phoenix market,”stated Mr. Williams in the release. “We’ve seen a significant uptick in buyer interest, especially from California, where buyers are unable to find the type of yield which is available in Arizona retail investments. ORION sold this same buyer Greenway Promenade earlier this month for $8,300,000.”