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Off-Market Sale Scores $9M for 25,575-SF Shopping Center

SCOTTSDALE, AZ-The Denver seller banks a $1.3-million gain after a three-year hold of the North Scottsdale Gateway, getting $358 per sf from a Mesa limited liability company. A loan assumption is offset by a fully leased center with national-name tenants.

By Lee Simmons | Updated on July 29, 2004

SCOTTSDALE, AZ-A Mesa buyer, working an off-market deal, has scooped up a fully leased, 25,575-sf shopping center at a prime retail intersection for $358 per sf.

The North Scottsdale Gateway at 17025 N. Scottsdale Rd. passed to Keith-Sunset LLC, which assumed a loan with John Hancock Financial Services Inc. of Boston in order to close the deal. The Denver-based Gateway AZ LLC, a holding company for Dean Callan & Co., bought the holding in July 2001 for $7.9 million–one of the highest prices per sf for retail at that time. Three years later, the center has brought close to $9.2 million.

“They were impressed with the pricing it could fetch,” Eric Wichterman, senior vice president with Grubb & Ellis/BRE Commercial, tells GlobeSt.com. “The location at the northeast corner of Frank Lloyd Wright and Scottsdale Road is a tremendous location. It had long-term lease rates and a good tenant mix.”

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