7000 Shea Blvd, Unit M Scottsdale, AZ 85254-5250

Property Details for 7000 Shea Blvd

Year built

2021

Property size

3,956 SF

Property type

Retail space

APN

175-42-141

APU

17542141

Description

This exceptional mixed-use property, located at 7000 E Shea Blvd in Scottsdale, Arizona, presents a compelling investment opportunity. The 85,839 square foot development comprises seven buildings and a two-level subterranean parking garage. Constructed in 1994, it underwent a significant $12 million renovation in 2019 and 2020, resulting in a high-quality, Class A asset. Currently boasting 97% occupancy, the property features a synergistic mix of retail (53%) and office (47%) tenants. The tenant roster includes a diverse range of businesses, including restaurants and creative office spaces. Significant below-market rents offer substantial upside potential, particularly considering the exceptionally low vacancy rates (1.7% retail, 1.7% office within a 3-mile radius). The 4.44-acre lot is zoned C-2 and provides 5.5 parking spaces per 1,000 square feet. The property's strategic location in Scottsdale, near Paradise Valley, caters to a highly affluent demographic. Future income potential exists through monetizing the parking garage. This well-stabilized asset is offered at a price significantly below replacement cost and comparable properties, presenting a rare opportunity in a thriving market. The property's strong performance following the recent renovations, with three-fourths of the space leased in 14 transactions, underscores its appeal and potential for continued growth. The asking price is $22,700,000, with a pro-forma cap rate of 7.30%. Rent bumps are included in the lease agreements.

Location Insight

City

Scottsdale

County

Maricopa

State

Arizona

Longitude

-111.929

Latitude

33.5832

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments