For Sale
$22,700,000

7000 Shea BlvdScottsdale, AZ 85254

85,839 SF, 7 bldgs, high occupancy

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional mixed-use property, located at 7000 E Shea Blvd in Scottsdale, Arizona, presents a compelling investment opportunity. The 85,839 square foot development comprises seven buildings and a two-level subterranean parking garage. Constructed in 1994, it underwent a significant $12 million renovation in 2019 and 2020, resulting in a high-quality, Class A asset. Currently boasting 97% occupancy, the property features a synergistic mix of retail (53%) and office (47%) tenants. The tenant roster includes a diverse range of businesses, including restaurants and creative office spaces. Significant below-market rents offer substantial upside potential, particularly considering the exceptionally low vacancy rates (1.7% retail, 1.7% office within a 3-mile radius). The 4.44-acre lot is zoned C-2 and provides 5.5 parking spaces per 1,000 square feet. The property's strategic location in Scottsdale, near Paradise Valley, caters to a highly affluent demographic. Future income potential exists through monetizing the parking garage. This well-stabilized asset is offered at a price significantly below replacement cost and comparable properties, presenting a rare opportunity in a thriving market. The property's strong performance following the recent renovations, with three-fourths of the space leased in 14 transactions, underscores its appeal and potential for continued growth. The asking price is $22,700,000, with a pro-forma cap rate of 7.30%. Rent bumps are included in the lease agreements.

Highlights

  • ±85,839 SF mixed-use retail/office development with seven buildings and a two-level subterranean parking garage.
  • High-quality, 1994 construction with a $12 million renovation (2019-2020).
  • ±97% leased to a mix of retail (53%) and office (47%) tenants.
  • High leasing success post-renovation, filling 3⁄4 of the property in 14 transactions.
  • Below-market rents: restaurants ±51%, retail shops ±30%, and office ±14%. 3-mile radius retail vacancy is 1.7%.
  • Offered below replacement cost and comparable sales.

Property Details for 7000 Shea Blvd

Property type
Retail properties, Restaurants
Square Feet
85,839 SF
Class
A
Year Built
1994
Buildings
7
Stories
1
Lot Size (sq. ft)
193,406 SF

Location Insight

City
Scottsdale
County
Maricopa
State
Arizona
Latitude
33.5825113
Longitude
-111.9298542
7000 Shea Blvd, Scottsdale, Arizona

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7000 Shea Blvd
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