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Phoenix & Southwest  + Phoenix  + Retail  | 

Grove at McCormick Ranch Exits Slowdown With a Buyer

The challenges brought on by COVID affected many properties but the newly developed The Grove at McCormick Ranch was not one of them. The 27,956-square-foot mixed-use project in Scottsdale recently sold for $14 million. The asset consists of fully leased office space (59 percent) and retail space (41 percent).

The buyer was McCormick Project LLC, Yury Gampel and the seller was McCormick Retail Partners LLC.

Eric Wichterman and Mike Coover with Cushman & Wakefield in Phoenix represented the seller in the transaction. Scott Boardman and Brent Mallonee also of the firm provided office and retail leasing advisory respectively.

“The Grove at McCormick Ranch is a trophy mixed-use asset featuring an impressive synergetic tenant roster in an exceptional infill location in Scottsdale,” said Wichterman. “The property is nestled within the densely populated upscale McCormick Ranch area which benefits from significant barriers to entry. The project enjoyed tremendous success during 2020, with nearly half of the project leasing despite the challenges of the pandemic that particularly deeply impacted the office and retail sectors.”

The Grove at McCormick Ranch located at 7300 and 7400 N. Via Paseo Del Sur was developed in 2019 by Creation, a development and alternative investment firm led by David Sellers and Bob Agahi, and local investors Mike and Bret Anderson. It is surrounded by walkable neighborhoods and located within one-quarter mile of the Loop 101 freeway.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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