Agave Center, a 2.46-acre shopping complex in Scottsdale, recently sold for $9.775 million. The sale price and 6.2 percent cap represent a record per-square-foot rate for an unanchored Scottsdale shopping center.
The center has 16,038 square feet of retail space and is positioned at the highly trafficked intersection of Scottsdale and Acoma drives. Agave Center is 100 percent occupied by local and national credit tenants.
Colliers’ Snyder Carlton team, a Southern California-based brokerage team specializing in single tenant and multi-tenant retail investment properties, represented the seller in the transaction. Negotiations of Agave Center by the Snyder Carlton team emphasize a continued cross-market uptick for national investment during the pandemic.
“The Scottsdale market is one of the hottest commercial and residential markets in the country,” said Eric Carlton, executive vice president at Colliers. “Retail centers are still alive and thriving in the COVID era, and buyers can find tremendous opportunity. Out-of-state capitol continues to flow into Arizona. Agave Center showcases the return available for retail property owners looking to sale assets under the current market conditions.”
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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