Acquisition of Arizona Shopping Center

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11.01.2021, 22:53

Acquisition of Arizona Shopping Center

Retail real estate owner-operator YAM Properties has acquired the 238,275 sq. ft. Pima Crossing shopping center in Scottsdale, AZ for US $51.5 million in a transaction brokered by Cushman & Wakefield.

Located in North Scottsdale, at the full-diamond interchange of the Loop 101 Freeway and Shea Boulevard, near the HonorHealth Scottsdale Shea Medical Center,  Pima Crossing is anchored by one of the nation’s largest golf retailers and is also home to several other well-known national and regional tenants.
 

Michael Hackett from Cushman & Wakefield’s Phoenix office, who represented the seller (an entity formed by Los Angeles-based Karlin Real Estate) with colleague, Ryan Schubert, describes the center which was developed in 1993 as an “attractive retail investment,” before adding:

“This acquisition provides another in-fill, North Scottsdale asset to a tremendous retail portfolio owned by YAM Properties.”

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Staff Reporter

Staff Reporter

FMIndustry.com covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.

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