CBRE COMPLETES SALE OF VIAWEST GROUP’S SCOTTSDALE RD. STRIP CENTER IN TEMPE, AZ

The property sold for $3 million or approximately $185 per square foot; generated nearly two dozen offers

CBRE announced the sale of Scottsdale & Fillmore Center, a multi-tenant retail and automotive shopping center in Tempe, Ariz. to MCAB Investments Inc., a private capital investor based out of Lake Havasu, Ariz.

The 16,232 square-foot retail property, located at the northwest corner of Scottsdale Road and Fillmore Road at 2404 & 2414 North Scottsdale Road, is 100 percent leased to service-oriented retail and automotive tenants, including TitleMax, Legends Auto, Babbitt Motors and Euro Motor Works.

CBRE’s Andrew K. Fosberg and Dylan A. Brown represented the buyer and the private Phoenix-based seller, VWP Fillmore Retail, LLC.

“Scottsdale & Fillmore Center is an excellent example of a stabilized infill retail shopping center positioned directly in the path of growth,” said Andrew Fosberg. “The property drove significant investor interest, and our team generated nearly two dozen offers during the marketing process.”

Scottsdale & Fillmore Center is located a mile and a half north from Tempe Towne Lake and Arizona State University’s Tempe Campus and just south of the ASU SkySong Innovation Center on Scottsdale Road. Originally developed in 1985, the property is situated along Scottsdale Road Corridor.

“The Tempe and South Scottsdale submarkets are growing rapidly while investor demand for service-oriented, infill strip and automotive-focused shopping centers reach new heights,” said Brown. “Scottsdale & Fillmore Center also offers future redevelopment potential with its location along Scottsdale Road, which made it extra attractive.”