Center Sold in 1031 Exchange
PHOENIX, AZ– Colliers International in Greater Phoenix recently sold Scottsdale’s 35,733-square-foot Village at Via Linda shopping center for $3.75 million ($105 PSF) as part of a 1031 exchange.
Arizona Partners of Phoenix, a real estate developer and investment firm, purchased the center, 8989 East Via Linda, from Village of Via Linda LLC of Los Angeles.
Colliers’ Scottsdale office brokered the transaction. Lauren Rodes, a former associate with Colliers, represented the buyer. The seller’s brokers were Mike Milic, vice president, and Tyler Bush, associate; both of Colliers.
The two-story shopping center with office space is situated on 2.67 acres. The center is approximately 60 percent leased to office and retail tenants, including two insurance companies as well as retail tenants such as a flower shop, a pet hotel and a Thai restaurant.
The center is in the “Cure Corridor,” an area along Shea Boulevard to the Scottsdale Airpark which contains a high concentration of bio-life science activity. The property also is south of the Honor Health Scottsdale Shea Medical Center (formerly Scottsdale Healthcare). Loop 101 is less than a quarter mile.
“Village at Via Linda is located in one of the most desirable submarkets in the entire metropolitan region,” Milic said. “It is located within McCormick Ranch, a mature and growing retail, office and residential area, near the Scottsdale Ranch and Gainey Ranch master-planned communities and the Cure Corridor. It is a highly attractive property.”
To learn more Milic can be contacted at 480.655.3328 and Bush can be reached at 480.655.3314.