Scottsdale retail snagged at $254 a square foot

Large vacancy inspires repositioning plan

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An unidentified entity sold Scottsdale Shea Plaza in Scottsdale, Ariz., for $17.6 million, according to a statement released today. A Northern California-based 1031 exchange investor purchased the 69,168-square-foot shopping center at a price of $254.45 a square foot. Built in 1980, Scottsdale Shea Plaza occupies 6.2 acres at the southwest corner of Scottsdale Road and Shea Boulevard. The new owner plans to reposition the property, which was 35 percent occupied at the time of purchase. The repositioning hinges upon the owner's recent lease transaction with anchor tenant BevMo, which will occupy 28,614 square feet of space in the center. ...