North Scottsdale Land Sold for $7.1 Million for Retail, Office, Multifamily Project

Press Release (ePRNews.com) - PHOENIX - Feb 22, 2017 - A 4.5 acre land parcel at the SWC of Scottsdale Rd. & Chauncey Ln., Scottsdale, sold for $7,128,728 or $36.33 per SF.

Lee & Associates Principal Bob Kling negotiated the sale on behalf of the buyer, Chauncey Retail Partners, Tempe and the seller, JBL Scottsdale Market, LLC of Dallas, TX.

Plans for the property include a 300-unit, 4-story luxury apartment community, a four-building, high-end retail development with approximately 33,000 SF facing Scottsdale Rd. One of the retail buildings will feature several floors of Class A office space above the retail component totaling approximately 20,000 SF.

The development will feature walkable amenities, lush landscaping, gathering spaces and an urban street environment in the spirit of other nearby developments such as Kierland Commons.

Construction is set to begin sometime in 2017.

For more information:

BOB KLING | PRINCIPAL

602.954-3751; bkling@leearizona.com

www.lee-associates.com

About Us

For over 25 years, Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, office, retail, investment, multifamily, and land sectors of the Phoenix commercial real estate market. The Phoenix office was established in 1991 and is now recognized as one of the most successful brokerage firms in the state. Each of our North American Lee & Associates offices has a strong local ownership combined with a powerful platform from the national Lee & Associates network.