SCOTTSDALE, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Mountain View Plaza, (top left photo) a 59,711-square foot shopping center in Scottsdale. The sales price of $14.85 million represented $248.70 per square foot.
Joseph Compagno, an investment specialist and associate director of Marcus & Millichap’s National Retail Group in Phoenix, represented the seller, a Phoenix-based investorprincipal looking to liquidate part of his portfolio and retire from the real estate business.
Compagno also represented, the buyer, aand the Beverly Hills, Calif.-based investorbuyer, who acquired bought the property as part of a through a large 1031 tax-deferred exchange.
“Mountain View Plaza represented an excellent opportunity for the buyer to acquire a well-maintain located shopping center in a thrivingvery sought- after Scottsdale market at a 6.65 percent cap rate,” says Compagno.
Located at 9699 North Hayden Road, the shopping center is 94.5 percent occupied with 23 tenants on triple- net leases.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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