Lee & Associates Teams Broker Two-Property Portfolio for $72.5M

SCOTTSDALE, Ariz. - Oct. 7, 2016 - PRLog -- Lee and Associates is pleased to announce the sale of a two-property, Class A portfolio of Scottsdale Seville and La Mirada Shopping Center, both in Scottsdale, for $72,500,000.

The Fincham Dempsey Team at Lee & Associates, led by principals Jan Fincham and Pat Dempsey, facilitated the transaction along with Lee principals Craig Coppola and Andrew Cheney who assisted with the sale. The seller was a partnership of several San Francisco Bay area investors. The buyer was Whitestone REIT, Houston, TX.

The Scottsdale Seville Shopping Center sold for $34,000,000 and is a Class A boutique Lifestyle center built in 1990. It is located at the NEC of Scottsdale and Indian Bend roads. The property consists of 90,042 SF and includes national and regional tenants such as Ruth's Chris Steak House, Starbucks, Wildflower Bread Company, Jamba Juice, Orange Theory Fitness and Azadi Fine Rugs. The center is located across the street from the new $2 Billion Ritz-Carlton Resort.

The La Mirada Shopping Center, sold for $38,500,000, was built in 1996 and consists of 147,209 SF. It is located at the NEC of Pima and Pinnacle Peak roads in the heart of the affluent demographic of North Scottsdale and attracts shoppers from many master-planned communities such as Silverleaf, DC Ranch, McDowell Mountain Ranch, Troon, Troon North, Legend Trails and Greyhawk. Tenants at La Mirada include the renowned Maestro's Steak House, Walgreens, Starbucks, Jade Palace, Russ Lyon, Sotheby's, and Pima Animal Hospital.

For more information:

JAN FINCHAM
PRINCIPAL
602.954.3754; jfincham@leearizona.com

PAT DEMPSEY
PRINCIPAL
602.954.3772; pdempsey@leearizona.com

ANDREW LUNDAHL
INVESTMENT ANALYST
602.385.3799; alundahl@leearizona.com

About Us:

Now in its 25th year, Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, office, investment, multifamily, and land sectors of the Phoenix commercial real estate market, The Phoenix office was established in 1991 and is now recognized as one of the most successful brokerage firms in the state. Each of our nationwide Lee & Associates offices has a strong local ownership combined with a powerful platform from the national Lee & Associates network.

www.lee-associates.com