North Scottsdale Land Sold at $7.1 Million for Mixed Use Project

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SCOTTSDALE, AZ – A 4.5-acre land parcel at the SWC of Scottsdale Rd. & Chauncey Ln., Scottsdale, sold for $7,128,728 ($36.33 PSF) for a Retail, Office and Multifamily project.

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-sqaure-feet 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-square-feet.

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, Kling can be reached at 602.954-3751.