Sale of Mixed Use Scottsdale Commercial Development
Cushman & Wakefield has brokered the sale of Chauncey Lane Marketplace, a newly constructed Class A mixed-use office/retail property in north Scottsdale, Arizona
The high-image asset totals 34,963 square feet in three stories and was acquired by Los Angeles-based Ronal, LLC for US $17.4 million. The seller was Chauncey Retail Partners, LLC.
Chauncey Lane Marketplace, located at 17757 & 17767 N. Scottsdale Rd, just two blocks south of the Loop 101 Freeway, was developed in 2019 by Creation, a development and alternative investment firm led by David Sellers and Bob Agahi, and local investors, Mike and Bret Anderson. It features commanding street identity along Scottsdale Rd. Retail uses within the property include breakfast dining, a cocktail lounge, and a salon/spa. A broad spectrum of office users occupy the property, including financial advisors, a law firm, a residential development firm, and a dental practice.
Cushman & Wakefield Executive Managing Director Eric Wichterman, who brokered the sale alongside colleague (and Cushman & Wakefield Managing Director) Mike Coover, says: “Chauncey Lane Marketplace is a rare mixed-use development featuring an exceptional and synergistic mix of retail and office tenants. Recently built in 2019, this trophy property enjoyed strong leasing success in both office and retail segments during 2020 and into 2021.”
Cooper adds: “The project offers a great flagship location for retailers coupled with best-in-class office space that is well positioned in a powerhouse Scottsdale Airpark trade area.
“Additionally, the property is surrounded by major upscale neighborhoods as well as tourism, sports and entertainment attractions.”