VESTIS GROUP BROKERS SCOTTSDALE NEIGHBORHOOD SHOPPING CENTER SALE
By Natan Jacobs | Vestis Group
(Phoenix – February 15, 2017) – Vestis Group, a commercial brokerage and investment firm, is pleased to announce the sale of Via Linda Plaza, a 16,158 square-foot neighborhood shopping center, located at 10810 E Via Linda, in Scottsdale, Arizona for $2,500,000 or $155 per square-foot.
“This transaction was a win-win for all parties involved,” says Matt Morrell, President of Retail Investments at Vestis Group and the lead broker for this transaction, “The seller achieved their desired exit sales price and the buyer is looking forward to improving and re-leasing the neighborhood shopping center. Vestis Group has been engaged by the new ownership to help reposition the retail investment property.”
The Phoenix based Vestis Group commercial brokerage team of Matt Morrell, Natan Jacobs, Les Litwin and Chad Barber negotiated the transaction on behalf of the seller, MORE VLP LLC of New York, NY. The buyers, Wayne and Vicki Wentz of Paradise Valley, AZ, were represented by Mark Mangianti of Commercial Investments Advisors, Inc.
Via Linda Plaza is a single-story, neighborhood shopping center located at the northeast corner of 108th Street and Via Linda in North Scottsdale. The commercial property was built in 1987, with block construction on 1.47 acres of land. The well manicured retail center enjoys a prime North Scottsdale location south of Frank Lloyd Wright Boulevard and north of Shea Boulevard, approximately 3.2 miles east of the Loop 101 Freeway.
Vestis Group is the broker of choice for individuals and institutions investing in multifamily residential and commercial real estate throughout Metropolitan Phoenix. Our advisors assist clients in the acquisition and disposition of multifamily investment and retail investment assets, including, apartments, bulk condo packages, duplex/triplex/fourplex properties, single-family rental portfolios (SFR Portfolios), income producing single-family investment properties, neighborhood strip centers, retail power centers, retail strip centers, neighborhood grocery, retail PAD and retail shopping centers. In the field of housing, Vestis Group’s principals have developed, built, rehabilitated, constructed, improved, managed, and sold thousands of apartments units, condos, single-family homes and home sites.