PHOENIX—Lincoln Plaza Shopping Center, located on the southwest corner of Scottsdale Road and Lincoln Drive in Scottsdale, was sold to an investment group for $25 million in an all cash deal. AJ's Fine Foods supermarket anchors the retail center.
Lee & Associates Fincham/Dempsey Investment Team, led by principals Pat Dempsey and Jan Fincham, facilitated the transaction on behalf of both the buyer, RN Properties South Mountain, LLC. of Phoenix and the seller, Lincoln Plaza Limited Liability Co. of Scottsdale.
RN Properties purchased the property utilizing a 1031 Exchange after selling South Mountain Crossing Shopping Center in Phoenix back in June. Fincham and Dempsey represented RN Properties on that transaction as well. The sale of Lincoln Plaza completes a trifecta of deals brokered by Fincham/Dempsey of $75 million in the past 18 months at the SWC of Lincoln Dr. and Scottsdale Rd. that includes the sale of The Borgata, Lincoln Village and now Lincoln Plaza.
“Lincoln Plaza is unique,” Dempsey tells GlobeSt.com. “The future potential for this property is very strong due its location and appeal to tenants seeking Arizona's most affluent demographic. It is in transition and may or may not be redeveloped. The corner is so good, though there is some vacancy—the owner can reposition on this truly coveted piece of property.”
The 75,744-square-foot luxury shopping center includes the aforementioned AJ's Fine Foods and Scottsdale Marketplace as well as other high-end retail stores. It is surrounded by established shopping destinations, resort and entertainment venues.
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