Business for Sale in Scottsdale, AZ

  • Price: $22.7M
  • Listing type: For sale
  • Asset type: Business
  • Location: Scottsdale, AZ 85254
  • Size: 85,839 SF

Description

??85,839 square foot (SF) mixed-use retail/office development comprised of seven (7) buildings and a two-level subterranean parking garage.High quality, 1994 construction with a major ??$12 million ($140/SF) renovation completed in 2019 and 2020.The property is ??97% leased to a synergistic mix of 53% retail tenants and 47% office tenants.Highly successful in attracting quality tenants as evidenced by impressive leasing success that followed the 2020 completion of the renovation, filling three-fourths of the property in 14 lease transactions.Exacerbated by record low retail vacancy of a mere 1.7% within a three (3) mile radius, in-place restaurants rates average ??51% below market and retail shop rates average ??30% below market. Overall office rates are an average of ??14% below market.Highly stabilized asset offered well below replacement cost — and at a fraction of recently sold comparable mixed-use properties.Ideally positioned within an extraordinarily tight retail and creative office market, boasting vacancy rates of ??1.7% and ??12.8% with a three-mile radius from the property, respectively.The location also serves the prestigious nearby Town of Paradise Valley — a 16.5-square mile town that does not permit any commercial development within its borders and consists of one-acre minimum lots filled with thousands of large estates nestled on and around multiple breathtaking mountains.Block 7000 — s ideal combination of retail stores, a coffee shop (not a part), a popular restaurant, and creative office space fosters strong tenant demand while simultaneously fulfilling the needs of the surrounding affluent population.Additional future upside potential in monetizing the garage with a secure arm system to charge for transient and visitor parking.

Market Context

This mixed use in Scottsdale, AZ is listed for sale at $22,700,000 across 85,839 SF ($264/SF). It has been on the market for 206 days. Compare it against other mixed use listings for sale in Scottsdale, AZ — <a href="/search/sale/mixed-use/arizona/scottsdale">view the full market</a>.

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