SCOTTSDALE, AZ – November 8, 2012 – (RealEstateRama) — The Lincoln Village Shops retail shopping center has sold to a privately owned real estate investment company for $38,712,500. Bethesda, Maryland-based Global Retail Investors purchased the 71,142 SF specialty retail center located at 6202 N. Scottsdale Road south of Lincoln Drive, from Scottsdale Road Partners, an affi liate of Redwood Real Estate Partners.
The seller, Redwood Real Estate Partners, is a privately-owned entrepreneurial real estate investment company focused on the acquisition, development and redevelopment of commercial real estate throughout the United States, and particularly on the West Coast. They purchased the property in 1993 and over the years have redeveloped the property into one of the most attractive specialty centers in Scottsdale that provides retail services to affl uent Scottsdale and Paradise Valley residents.
Investment brokers Patrick Dempsey and Jan Fincham, both principals with Lee & Associates Arizona, facilitated the transaction. “Lincoln Village features national tenants Walgreens and Trader Joe’s and has evolved into one of the most dynamic properties in the Scottsdale area,” said Dempsey. “The tenants at Lincoln Village enjoy high sales volumes because of the wealthy population in this demographic area,” Dempsey added.
Lincoln Village is also home to other national and regional tenants such as Fogo de Chao, Einstein’s Bagel, My Sister’s Closet, Well Suited and the popular Rancho Pinot Grill restaurant.
For more information, contact: Jan Fincham 602-954-3754 Patrick Dempsey 602-954-3772
About Lee & Associates Arizona
Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, offi ce, land and investment sectors of the Phoenix commercial real estate market. The Phoenix offi ce was established in 1991 and is now recognized as one of the most successful brokerage fi rms in Arizona. Each of the 46 nationwide Lee & Associates offi ces has a strong local ownership combined with a powerful platform from the national Lee & Associates network.
About Global Retail Investors
Global Retail Investors, an affi liate of First Washington Realty, Inc. is a privately owned real estate investment, advisory and management company which specializes in the acquisition, ownership, fi nancing, and management of neighborhood and community shopping centers located in densely populated areas throughout the U.S. First Washington is wholly owned by its principals, who fi rst partnered together in 1983, and have specialized in the ownership and operation of shopping center portfolios for twenty-eight years. First Washington Realty owns and operates over 92 retail shopping centers across the country.
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