PHOENIX—The Marketplace at Lincoln & Scottsdale, a 22,081 square foot retail center, which has quickly become home to some of the hottest local eateries, sold for $14 million. The property is located on Scottsdale Road and Lincoln Drive, one of the most recognizable intersections in the Phoenix metropolitan area and the gateway to the affluent Paradise Valley community.

The property developed by Len Noel of Covington Asset Management has been a labor of love. Noel originally purchased a bank-owned, office project on 7.5 acres in 2011 that had reached obsolescence. The following year, Covington sold off approximately 5.3 acres to Alliance Residential, who recently completed their Broadstone at Lincoln, a 264 unit luxury rental community.

The off-market, private sale was negotiated by ORION Investment Real Estate. “We had no intention of selling The Marketplace. It was intended to be a legacy asset. ORION introduced the buyer (MDC Realty Advisors USA, Inc.) to us and we quickly developed a relationship with the buyer and realized that they shared a very similar long-term vision for the property,” says Noel.