Scottsdale Opportunity Zone Site Sells for $38M

Sunchase Holdings has sold Scottsdale Entrada, a 30-acre former auto mall, to Banyan Residential for $38 million. The property is in an opportunity zone, and the buyer plans to develop the largest mixed-use asset in Scottsdale on the site.

The redevelopment will be 100% speculative on the entire site, projecting to break ground in April of 2020 and deliver mid-2021. The mixed-use development will be the premier gateway into Scottsdale from the southwest. Scottsdale Entrada will comprise 735 multifamily units; 7,000 square feet of retail; and a three-story, 245,000-square-foot, state-of-the-art office building with large efficient floor plates of 80,000 square feet, high ceilings, full height windows and indoor-outdoor space; at delivery.

NKF executive managing director Tom Adelson and associate Erin McClure arranged the sale.