Jackie Day is editorial director of
Real Estate Media's Newsletter Division

SCOTTSDALE, AZ-A two-year-old, 97%-occupied shopping center in North Scottsdale traded hands for $13.1 million, as developer Cole Properties Inc. sold the Shops at Pinnacle Peak to buyer Leisure Lane Partners LLP of Minnesota. The center racked up at least 10 offers from interested buyers during a six-month marketing period, culminating in a 60-day escrow for the eventual acquirer.

Developed in 2002, the 41,870-sf center is occupied mainly by local, high-end tenants on staggered three- to five-year leases, says Jan Fincham with Phoenix-based Lee & Associates Arizona. Fincham, along with colleague Patrick Dempsey, represented the seller--under a holding company called Pinnacle Peak Center LLC--and brought the buyer to the table.

Fincham tells GlobeSt.com that the sale includes an outparcel of about 11,000 sf that the buyer plans to develop "immediately." He says the site could hold 6,500 to 7,000 sf of additional retail. "He'll either market it as a build-to-suit or build as a multi-tenant property," he says. The buyer plans a long-term hold of the property, he adds.