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SCOTTSDALE, AZ-With plans to increase tenancy, Pinpeak Investors LLC of Eureka, CA, has acquired the Shops at Pinnacle Peak--41,521 sf of class A space and a ready-to-build pad site--for $15.75 million from the Minneapolis-based Bar Lazy H One LLC.

Patrick Dempsey, Jan Fincham and Kevin Kopp with Phoenix-based Lee & Associates Arizona had the property listed for its one-year owner, who opted to sell because of the sizzling hot demand for retail property in the Scottsdale area. "He knew he could make a profit on the deal," Dempsey says, "and he did. He made more than a million dollars--that was his motivation to sell." The acquisition of the center, positioned on the southeast corner of Pinnacle Peak and Miller roads, required a $10-million loan assumption, he says, adding the Horsham, PA-based GMAC holds a note with nine more years on the term at a 5.4% fixed-rate interest.

The 90%-leased shopping center, completed in 2000, has lease rates of $26 per sf to $30 per sf. "It's a beautiful property," Kopp says. "It just needs a couple more tenants." Current tenants include Home National Bank, Three Tomatoes and a Mozarella, Thai Pan, That's Amore, California Closets and Millennium Day Spa.