PHOENIX—A Scottsdale retail center anchored by Safeway and CVS Pharmacy fetched an impressive $44.5 million, announces Cassidy Turley. The 160,228-square-foot Shea Scottsdale was sold to an entity formed by Jerry Simms. The seller was Karlin Real Estate of Los Angeles. The property, 160,228 square-foot property is located at 10653 N. Scottsdale Rd.
Executive managing directors Michael Hackett and Ryan Schubert with Cassidy Turley Capital Markets Group represented Karlin Real Estate. Marty DeRito with DeRito Partners assisted the buyer.
Hackett tells GlobeSt.com he thinks the sale exemplifies the strength of the U.S. and Arizona markets where high-quality grocery store anchors are concerned.
“The property commanded a premier price and I think it's indicative of what we'll see going forward,” Hackett tells GlobeSt.com. “We had all our boxes checked. There was a lot of competition and that's something we're going to being seeing more and more of on these premium properties. The investment market has turned and become a lot more aggressive”
Indeed the Metro Phoenix retail market continued to improve in 2013, posting positive 438,241 square of net absorption in the fourth quarter and 2,018,678 square feet for the year. Over the past 24 months, over 4.4 million square feet has been absorbed.
Shea Scottsdale was built in 1994 and was 95% leased at the time of sale. The transaction included all in-line space as well as additional pads with freestanding structures, including Wells Fargo, McDonalds, MidFirst Bank, Jason's Deli and Arby's.
Hackett and Schubert sold the center and an adjacent 117,025-square-foot retail center Shea Scottsdale East, 7366 E. Shea Boulevard, to Karlin Real Estate in October 2011 for $50,320,000. At that time the two centers had a combined overall occupancy of 85%. Karlin Real Estate has retained ownership of Shea Scottsdale East.
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