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California Couple Shells Out $2.6 Mil Plus for Retail Site

SCOTTSDALE, AZ-A California couple has put up more than $2.6 million for a furniture showroom that's fully leased to a Robb & Stucky patio store. The 10,388-sf retail site brings more than $253 per sf for seller DMB Circle Road partners.

By D.J. Burrough | Updated on August 28, 2001

SCOTTSDALE, AZ-A California couple has paid a little more than $2.6 million for a furniture showroom at 15401 N. 71st St. in Scottsdale. Seller DMB Circle Road Partners is walking away with more than $253 per sf from the transaction.

Paul and Diana O’Keeffe of Santa Barbara are the buyers of the 10,388-sf building leased to a Robb & Stucky patio store. The showroom is in a prime area of Scottsdale, positioned at the southwest corner of Scottsdale Road and Kierland Parkway. The retail building is in the Kierland master-planned community, which has hundreds of new homes. Scottsdale has the lowest retail vacancy rate in the Valley, just 4.2% at the mid-year point in comparison to a 6.1% overall average. The Phoenix office of Marcus & Millichap, with brokers Steven Gonzales, Jamie Medress and David Guido, represented the buyer in the transaction.

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