$97.5M retail, office portfolio sells in 1031 exchange

Buyer used equity from California sale to reinvest in Arizona

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Lee & Associates negotiated the sale of a mixed-use (retail and office) portfolio for $97.5 million as part of a 1031 exchange in Scottsdale, Ariz. The 329,740-square-foot portfolio includes La Mirada retail and office center (148,773 square feet) and Scottsdale Seville, which encompasses a retail complex (90,893 square feet) and office building (90,074 square feet). Each of the properties was approximately 95 percent leased at the time of sale. SPI AZ LLC purchased the portfolio from three limited liability companies controlled by the properties' developer, Desert Troon Cos. Located just east of the La Mirada Desert Park at 8900 E. Pinnacle Peak Road, La Mirada's park-like design combines shopping, dining and office space grouped around a central courtyard. Bistro Provence, Mastro's Steakhouse, Gallery 360º and M.B. York Day Spa are just some of the center's 30 retailers and restaurants. The offices, comprising 50,000 square feet above the courtyard as well as in an additi...