Jackie Day is editorial director of
Real Estate Media's Newsletter Division
SCOTTSDALE, AZ-A two-year-old, 97%-occupied shopping center inNorth Scottsdale traded hands for $13.1 million, as developer ColeProperties Inc. sold the Shops at Pinnacle Peak to buyer LeisureLane Partners LLP of Minnesota. The center racked up at least 10offers from interested buyers during a six-month marketing period,culminating in a 60-day escrow for the eventual acquirer.
Developed in 2002, the 41,870-sf center is occupied mainly bylocal, high-end tenants on staggered three- to five-year leases,says Jan Fincham with Phoenix-based Lee & Associates Arizona.Fincham, along with colleague Patrick Dempsey, represented theseller--under a holding company called Pinnacle Peak CenterLLC--and brought the buyer to the table.
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