PHOENIX—DTZ announces that East Village at Shea LLC, a company formed by YAM Properties, LLC (Bob Parsons, principal), purchased Village at Shea, a 117,025-square-foot retail center at 7366 E. Shea Blvd., for $32.5 million. The seller was Karlin Scottsdale Shea LLC, a company formed by Karlin Real Estate of Los Angeles.
DTZ executive managing directors Michael Hackett and Ryan Schubert brokered the sale on behalf of Karlin.
Hackett tells Globest.com that the key to the sale was all about the location. “The property is a fantastic retail and commercial location, and that is what really compelled the buyer. YAM has been tracking this property for three years—it's been a long time in the works.
“Village at Shea is a highly coveted retail asset located at one of the best commercial intersections in Scottsdale,” adds Hackett. “Karlin created significant value for the asset sale, and YAM should enjoy the benefits of a stable asset with a fantastic location.'
The DTZ team sold Shea Scottsdale East, later renamed Village at Shea, to Karlin in October 2011, along with the adjacent 160,228-square-foot Shea Scottsdale for $50.32. The DTZ team represented Karlin in February 2014 when it sold the west portion of the shopping center for $44.5 million.
Built in 1985, Village at Shea is anchored by Harkins Shea 14 Theatre. Other tenants include LA Fitness Comerica, Raising Cane's, Pita Jungle and Coffee Plantation. Village at Shea was 85% leased at the time of sale.
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