Scottsdale – BREW is reporting that Levine Investments Limited Partnership in Phoenix (Bill Levine, Andrew Cohn, principals) in keeping with its strategy to keep well located infill properties, paid $15 million ($500 per foot) to acquire a mixed-use property located across the street from Scottsdale Fashion Square.
The 30,000-square-foot project, comprised of retail, commercial and showroom space, sits on a 3.26-acre parcel at the northeast corner of Scottsdale Road and Highland Avenue. The seller was RAS Scottsdale Road LLC in Beverly Hills, Calif. (Ronald Simms, Jerry Simms, principals).
The cash sale was brokered by Jim Fijan and Will Mast of CBRE in Phoenix. The Scottsdale Road project, which was developed in 1967, was once occupied by Valley National Bank. The uniquely-designed property, with an address of 4821 N. Scottsdale Road, has about 22,500-square-feet. of leaseable space on the ground floor and 7,500-square-feet in mezzanine and basement areas.
The plaza, called Scottsdale Highland, is 60% occupied. Sachi Salon and Design Within Reach are among the tenants. Levine Investments is expected to bring in a new mix of tenants, including a popular restaurant concept. At one time, the anchor tenant was Canadian-based Earls Restaurants Ltd.
Levine Investments will handle the leasing for the project, which is parked at 4.8 spaces per 1,000 square-feet. The new owner figures to renovate, re-tenant and hold the property for investment. Levine Investments has been buying infill commercial properties and then repositioning the assets by either improving the existing buildings and/or redeveloping the sites and bringing in new tenants. The locations are generally high profile in well-established areas.
Levine Investments’ recent projects include: a 1.25-acre parcel located west of the southwest corner of 44th Street and Camelback Road in Phoenix that is being redeveloped as a 4,500-square-foot restaurant leased to LGO Hospitality of Santa Monica, Calif. (Bob Lynn, pres.); the former La Fontanella Italian restaurant at 4231 E. Indian School Road that will be a new restaurant called the Yacht Club, and Yard Tempe in the Farmer’s Art District anchored by a Culinary Dropout restaurant. The Scottsdale Road project recently acquired by Levine Investments marks the fourth time the project has traded since 1997 when Bank One (now J.P. Morgan Chase Bank) elected not to keep the location after it acquired Valley National Bank and sold the then vacant Valley Bank Plaza.
To learn more contact Cohn at (602) 248-8181 and Fijan and Mast can be reached at (602) 735-5555.