Sale Represents Cap Rate Record for Multi-Tenant Property in Scottsdale, AZ

 

Phoenix, AZ– Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of Scottsdale & Shea Shops, a retail strip center located at 11015 North Scottsdale Road, Scottsdale, AZ. The sale closed at $10,600,000 and a 4.0 percent cap rate, setting a cap rate record for a multi-tenant property in the state of Arizona.

 

Matthews™ represented the seller, Honey Child Holdings LLC, who was interested in cashing out of the investment while cap rates were at an all-time low. Agents received multiple offers within one week of the deal going on the market. The seller received an attractive price point and cap rate, exceeding all expectations.

 

“To have the opportunity to exit the market and restructure the finances in a way to better suit my goals is life-changing,” Honey Child Holdings said. “Every agent or firm who presented a plan or strategy for the sale of the property priced it for millions less. Matthews™ knew the value of the asset, priced it accordingly, and ultimately closed at a price that others thought was impossible.”

 

The buyer, a local investor, was seeking to complete a 1031 Exchange with the acquisition. The investor currently owns several retail assets in the area, making this property a perfect fit for their portfolio. The retail center is anchored by successful QSR restaurant, Chipotle, and surrounded by national and local tenants, including Albertson’s grocery.

 

“The buyer received a trophy asset with multiple profitable tenants in a thriving real estate market,” Matthews™ said. “We were happy to set an industry record with this deal and accomplish both parties’ goals.”

 

For more information, please visit www.matthews.com.

 

 

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.