GDA Real Estate Services took the reins to Northsight Village at 15020-15090 N. Northsight Blvd. from a local limited liability company, Northsight Village II. "It was not on the market. We had a buyer looking for an acquisition to satisfy an exchange and he was looking to play in Scottsdale," Jan Fincham, a principal with Lee & Associates Arizona in Phoenix, tells GlobeSt.com. "We had a relationship with the seller so basically we brought them an unsolicited offer."
GDA Real Estate Services teamed 1031 Exchange funds and acquisition financing from New York City-based Merrill Lynch & Co. Inc. to close the transaction. Escrow lasted 45 days.
Fincham says GDA is continuously exchanging properties, with the Northsight deal satisfying not just one exchange, but a variety of deals closed recently in the buyer's Western states portfolio. "Investors throughout the country want to own real estate in Scottsdale. It's an easy sell," Fincham.
Built in 2001 on 6.5 acres, Northsight Village is anchored by a 34,277-sf Ultimate Electronics. Tenants include Sprint PCS, Audio Express, a Vespa dealer and mattress outlet. The majority of leases have terms of five to 10 years, says Kevin Kopp, an associate with Lee & Associates. Rents range from $17 per sf to $30 per sf annually.
With some 40,000 employees working at 2,200 businesses in the airpark, the center has maintained a high occupancy since the seller developed it three years ago. It also is located close to a Sam's Club, Wal-Mart, Costco and Kohl's department store. Fincham, Kopp and Patrick Dempsey of Lee & Associates represented both parties in the deal.
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