SCOTTSDALE, AZ-Following an 11-year ownership stint of GrayhawkPlaza, Phoenix-based Pederson Group sold the147,084-square-foot, Bashas-anchored retailproperty to Scottsdale Grayhawk Center LLC of NewMexico. Pederson Group, which developed the asset, collected $36.9million from the CRE transaction.
Located at the southwest corner of Scottsdale Road and GrayhawkDrive in North Scottsdale, Grayhawk Plaza is one of a few retailproperties in this submarket. Pederson, a well-known area shoppingcenter developer, brought Grayhawk Plaza online in 2001.
"It's challenging to get any kind of commercial zoning in NorthScottsdale," comments CBRE's Glenn Smigiel, whoworked with colleagues Bob Young, Steve Brabant, RickAbraham and Nancy Romanovsky onbehalf of the seller to dispose of the retail asset. "NorthScottsdale has a strong homeowners' association that fights toothand nail against commercial development."
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