Land bordering Scottsdale Road near Kierland sells for $6.5M



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A 3.25-acre piece of land bordering Scottsdale Road has sold for $6.5 million in cash deal.









Mike Sunnucks
Senior Reporter- Phoenix Business Journal

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A Scottsdale Road parcel that is now home to a Danny’s Family Car Wash has been sold in a cash deal for $6.5 million, or $2 million per acre.

Pacific Scottsdale LLC has acquired the 3.25 acre parcel near Scottsdale Road and Greenway-Hayden Loop from Scottsdale Place LLC.

Phoenix-based Pacific Scottsdale’s partners include business entities of Jerry Simms, the owner of the Turf Paradise horse track in Phoenix. Simms said the prime Scottsdale location appealed to him and he also was part of a purchase of Safeway anchored shopping center near Scottsdale Road and Shea Boulevard.

Scottsdale Place’s principals are based out of Chicago, according to Arizona Corporation Commission filings.

The new owners have long-term redevelopment plans for the parcel, which is near the popular Kierland Commons and Scottsdale Quarter developments.

Ari Spiro, president of Orion Investment Real Estate, helped broker the deal and said eventually the Scottsdale property could be redeveloped into a hotel, retail complex or some kind of mixed-use project.

The Danny’s Car Wash facilities on the site did not convey to the new owners in the land purchase. Spiro said Danny’s still has three years left on its lease.

The local car wash chain has faced legal and financial troubles of late. The Scottsdale Danny’s location faces an August 16 foreclosure sale related to a $10 million loan. Some other Danny’s locations also face foreclosure sales.

There are some other redevelopment projects proposed and in the works in the Kierland area.

A 240-unit apartment development called Liv Scottsdale is slated to open later this year across from Scottsdale Quarter.

In addition, the Herberger family owns the land currently home to the Cracker Jax amusement center and mini golf course. That parcel has been slated for a possible multifamily redevelopment.

Mike Sunnucks writes about politics, law, airlines, sports business and the economy.



Article source: http://www.bizjournals.com/phoenix/news/2014/07/09/land-bordering-scottsdale-road-near-kierland-sells.html