Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SCOTTSDALE, AZ-What started as a quiet deal turned into one of the most hotly contested investment sales battles of the year as investors from across the country competed to buy the Pinnacle of Scottsdale, driving up the asking price on the neighborhood grocery-anchored shopping plaza by more than $1 million.

“It became a bidding war,” Jan P. Fincham, principal of investment sales for Phoenix-based Lee & Associates Arizona, tells GlobeSt.com. “It was a very highly competitive acquisition process.”

Fincham said the deal started quietly when owner, Lamb 4 P’s, a family investment group, decided to sell the 113,084-sf property at the northeast corner of Scottsdale Pinnacle Peak roads to focus on other investments. But as word leaked out that the property was available, about eight investors soon began bidding up the $21.5-million asking price in an effort to grab the lucrative plaza.

Scottsdale Pinnacle LP, a partnership controlled by Westwood Financial, of Los Angeles finally won out with a $23.6-million offer for the prime retail corner. The property’s location, on one of the few last remaining parcels of privately held land in North Scottsdale, its lack of debt which allowed new, low interest financing and a recently signed 20-year lease by the Safeway grocery store made the competition exceptionally fierce, Fincham said.

“This offered a great opportunity for investors,” Fincham added, noting Scottsdale’s strong upscale demographics along with the lack of commercial parcels between the Loop 101 and Carefree made the property a stable long-term investment. Besides the Safeway anchor, the fully leased plaza is home to a SuperPumper, Cold Stone Creamery and Subway and several restaurants, dental office and western wear store. Fincham and Patrick A. Dempsey, also a principal in investment sales with Lee & Associates, represented both the seller and buyer in the transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.