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SoCal Investor Snaps Up Scottsdale Shopping Center For $46M

LA-based Karlin Real Estate acquired the Pima Crossing shopping center in Scottsdale from Florida-based Regency Centers for more than $46M. The 283k SF retail property is anchored by a PGA Superstore, Pier 1 and Stein Mart, and counts Scottsdale Beer Co and Lifetime Fitness among its other tenants. The property is 95% leased.

Michael Hackett and Ryan Schubert of Cushman & Wakefield brokered the sale. “Pima Crossing presented the opportunity to own a fantastic piece of infill ... Scottsdale real estate,” Schubert told the Phoenix Business Journal. [PBJ]