Sunchase Holdings has sold Scottsdale Entrada, a 30-acre former auto mall, to Banyan Residential for $38 million. The property is in an opportunity zone, and the buyer plans to develop the largest mixed-use asset in Scottsdale on the site.

The redevelopment will be 100% speculative on the entire site, projecting to break ground in April of 2020 and deliver mid-2021. The mixed-use development will be the premier gateway into Scottsdale from the southwest. Scottsdale Entrada will comprise 735 multifamily units; 7,000 square feet of retail; and a three-story, 245,000-square-foot, state-of-the-art office building with large efficient floor plates of 80,000 square feet, high ceilings, full height windows and indoor-outdoor space; at delivery.

NKF executive managing director Tom Adelson and associate Erin McClure arranged the sale.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.