Scottsdale Shopping Center Land to be Auctioned Off

The land underneath the Scottsdale 101 Shopping Center is not owned by the center owner or any of the 55 businesses that populate it. It’s owned by the State of Arizona, and the agency that oversees the state land trust recently announced that it will go to auction. An appraisal was done on the land and the Arizona State Land Department concluded the land is worth $28.3 million. That will be the opening bid.

The center was built in 2003 and is currently owned by YAM Properties. YAM kicked off the process to move forward with the auction. The roster of tenants includes Ashley Furniture Home Story, Dick’s Sporting Goods and Hobby Lobby.

The money raised from auctions of state land goes into Arizona public schools and universities. The auction will be held at the AZ State Land offices at 1110 W. Washington St., 3175 Conference Room, at 11:00 am. on June 4th. Bidders must bring an $8 million cashier’s check to bid on the property.