Phoenix, Arizona – SVN Desert Commercial Advisors is a comprehensive commercial real estate brokerage serving clients, investors and developers all over the valley. Just this week, the Retail Advisory Group closed on the sale of 14870 N Northsight Blvd for a purchase price of $3,000,000 to a 1031 exchange buyer.
SVN Advisors Kevin Weller, Mary Nollenberger and Nicole Ridberg represented the seller in the transaction. Northsight Village is located at 14870 N. Northsight Blvd. off of Raintree Dr. and Northsight Blvd. The 18,236 square foot retail center was purchased by Newbury Park Investments, LLC. Even in this uncertain time, there were several interested buyers for the value-add retail asset during its short duration on the market. “We were pleased to close this transaction for Arcus Capital after actively marketing the property for less than 45 days,” said Associate Advisor Kevin Weller.
The seller, Andrew Martin with ARCUS Private Capital Solutions benefited from the sale, closing 30 days early. Andrew stated that he, “was impressed with SVN’s efforts and success” in marketing the property and bringing it to a successful close. It became clear to the advisors that there is still a large amount of demand for property in the North Scottsdale submarket. Weller stated, “I believe it shows the strength of the Phoenix market, even in these challenging times.”