Rebooted Scottsdale shopping center sells for $70 million

Posted at 8:52 AM, Dec 18, 2019
and last updated 2019-12-18 10:52:51-05

After going through a massive re-leasing effort during the past few years, the Shops at Gainey Village, a large Scottsdale shopping center, has been sold.

According to documents filed with the Maricopa County, the retail center was sold Dec. 16 for $69.7 million by Principal Real Estate Investors LLC to First Washington Realty Inc. Principal purchased the property in 2005 for $73 million, according to county records.

The Shops at Gainey, a 138,476-square-foot shopping center with 38 tenants at the southeast corner of Scottsdale and Doubletree Ranch roads, is anchored by a Sprouts Farmers Market and was 100% leased at the time of the sale.

Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller. John Corritore of Corritore Co., who was in charge of leasing the center before the sale, also assisted in the negotiations.