Pima Crossing Sells for $46M

Karlin Real Estate in Los Angeles struck a deal with Regency Centers Corp. to acquire the 238,275-square-foot Pima Crossing shopping center in Scottsdale, AZ. The Jacksonville, FL-headquartered Regency walked away from the transaction with $46.2 million. Michael Hackett and Ryan Schubert with Cushman & Wakefield brokered the transaction.

The 27.5-acre retail center at 8624-8776 E. Shea Blvd. is 96% occupied. Tenants include PGA Superstore, Stein Mart and LifeTime Fitness.

The buyer is no stranger to Scottsdale; it successfully acquired 277,253 square feet of retail less than two miles east of Pima Crossing in 2011. The space sold in 2014-2015 for a combined $77 million. Karlin is looking for more investment opportunities in the Phoenix area.

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