"They are probably at the top of the food chain when it comes to price paid for sites," says Larry Ortega of Colliers International's Phoenix office. "The average fast-food site in Maricopa County sells for $700,000."
Ortega and Tom Woods, also of Colliers' Phoenix office, represented the seller, Mall at the Crossroads Inc. Andy Kroot of DeRito Partners represented the fast-food restaurant.
Kroot tells GlobeSt.com that the pad offers great visibility and easy traffic access. Located in the Northside submarket of Scottsdale, the center is nearby a Wal-Mart Supercenter and Sam's Club.
Ortega characterizes the Scottsdale Airpark area as an active, upscale market with strong daytime retail traffic and surrounding residential communities. Vacancies hover below 5%. Construction of two additional stand-alone multi-tenant pads is underway at the center.
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