Utah Investor Snaps Up Scottsdale Grocery-Anchored Center For $31M
Retail as a whole might be having a bad year, but investors are still eager for grocery-anchored assets in solid locations. Salt Lake City-based Woodbury Corp. recently acquired Scottsdale Towne Square, a 162K SF grocery-anchored center at 13802 North Scottsdale Road in Scottsdale for $31M. The seller, Holualoa Scottsdale Retail, based in Tucson, was repped by CBRE Phoenix's Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham.
Developed in 1986 at Scottsdale and Thunderbird roads, the nearly 14-acre site features more than 1,100 feet of frontage along Scottsdale Road. Holualoa purchased the property in 2012 at 60% occupancy and, after an extensive renovation, leased the property to its current 95.7% occupancy. The anchor is Natural Grocers, and there are seven restaurants, including Ra Sushi and First Watch.
“Scottsdale Towne Square presented a rare opportunity to acquire a location with significant frontage along Scottsdale Road, one of the busiest roadways in the region,” Young said. “The property is well-positioned for redevelopment.”