The 180,011-sf, mixed-use office and retail property, built in 1990 by seller Shimizu Development, is located at 7001 N. Scottsdale Rd. Stan Schafer, senior vice president with Grubb & Ellis Co.'s Phoenix office, tells GlobeSt.com that the multi-million dollar deal was a quick one that took just over three weeks to complete. "The buyer and seller worked well together to complete the transaction," he said, adding that the closing process was expedited because the seller didn't have to arrange financing.

The sale marked an end to Shimizu's holdings in Arizona, Schafer said. The property, composed of seven single- and two-story buildings set in a prime Scottsdale location, houses several specialty stores and restaurants, including Ruth Chris Steakhouse and Roy's. Tenants in the class A luxury offices include DW Horton, one of the nation's largest home builders and Club Med, Schafer said. Desert Troon Cos. holds several Arizona properties, including a similar specialty retail center in North Scottsdale.

Shimizu was represented in the transaction by Schafer and Grubb & Ellis vice presidents Eric Wichterman and Greg Valladao. Paul Sexson of Russ Lyon represented Desert Troon Cos.