7000 E Shea BlvdScottsdale, AZ 85254
Block 7000
Asset ClassMixed Use, Retail, Office
Overview
- ±85,839 SF mixed-use retail/office development comprised of seven (7) buildings and a two-level subterranean parking garage.
- High quality 1994 construction with a major ±$12 million ($140/SF) renovation completed in 2019 and 2020.
- The property is ±97% leased to a synergistic mix of 53% retail tenants and 47% office tenants.
- Highly successful in attracting quality tenants as evidenced by impressive leasing success that followed the 2020 completionof the renovation, filling three-fourths of the property in 14 lease transactions.
- Exacerbated by record low retail vacancy of a mere 1.7% within a three (3) mile radius, in-place restaurants rates average ±51% below market and retail shop rates average ±30% below market. Overall office rates are an average of ±14% below market.
- Highly stabilized asset offered well below replacement cost—and at a fraction of recently sold comparable mixed-use properties.
- Ideally positioned within an extraordinarily tight retail and creative office market, boasting vacancy rates of ±1.7% and ±12.8% with a three-mile radius from the property, respectively.
- The location also serves the prestigious nearby Town of Paradise Valley—a 16.5-square mile town that does not permit any commercial development within its borders and consists of one-acre minimum lots filled with thousands of large estates nestled on and around multiple breathtaking mountains.
- Block 7000’s ideal combination of retail stores, a coffee shop (not a part), a popular restaurant, and creative office space fosters strong tenant demand while simultaneously fulfilling the needs of the surrounding affluent population.
- Additional future upside potential in monetizing the garage with a secure arm system to charge for transient and visitor parking.
- ±$187,000 Average Household Income with 97% of population in the labor force (3-mile radius).
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7000 E Shea BlvdScottsdale, AZ 85254
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Listing provided by Revere CRE