Marcus & Millichap negotiated the sale of the Agua Caliente Shopping Center in Scottsdale, Ariz.
The value of the transaction was $11.2 million.
Agua Caliente is located on 4.2 acres at 6990 E. Shea Blvd. The sale includes 48,860 rentable square feet with occupancy at 97 percent at the time of sale.
The center was originally constructed in 1987 and recently renovated. Tenants include Ajo Al’s Mexican Café, Allstate Insurance, Amour & More, As U Wish, Chic Again Ltd., Dale’s Canine Coiffer, Family Haircutters, Galaxsea Cruises, Hidden Closets, Inc., Holistic Animal Center of Arizona, Kidstop Learning, New York Bagels, O’Yes, Pro Golf, Seafood Central, Sensational Skin, Somebody’s, The Herb Box Catering Co., Weight Watchers and Yoga Center.
The seller is a partnership between Scottsdale, Ariz.-based Manatee Investments II and Agua Caliente Investments II. An investment partnership based in San Jose, Calif. acquired the asset in a 1031 exchange.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
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