Three major announcements were made in the past week – a transaction on a popular Scottsdale/Paradise Valley commercial property, a state-of-the-art medical campus adjacent to McCormick Ranch, and a major renovation for Arizona State University.
Lincoln Plaza Shopping Center, located at the SW corner of Scottsdale Road and Lincoln Drive was sold by Lincoln Plaza Limited Liability Co. to RN Properties South Mountain, LLC for $25 million. RN Properties made news in June after selling the South Mountain Crossing Shopping Center in Phoenix, and purchased the subject property with 1031 exchange funds.
The shopping center is adjacent to affluent Paradise Valley and Scottsdale neighborhoods at the high-traffic intersection, and is anchored by AJ’s Fine Foods.
New Medical Campus
The McCormick Ranch and Scottsdale Ranch communities will see a new medical complex on 43 acres at the Loop 101 and 90th Street exit on the Salt River Pima-Maricopa Indian Community.
The “90th Street Medical Campus” will be developed in partnership with Grosvenor Holdings and Healthcare Development Partners and will include a 100,000 square foot behavioral health facility that has already been pre-leased.
There are also 400,000 additional square feet of healthcare space including medical office, out-patient center, senior housing, retail pads, and build-to-suit opportunities.
This new project will undoubtedly be a major boost to small businesses and restaurants in McCormick Ranch and Central Scottsdale. Contact us for site plans and build-to-suit opportunities.
Are you ready for some football….renovations? Sun Devil Stadium renovations will begin in Q1 2015 and should be completed by the 2016 off season. Arizona State University selected Hunt-Sundt to manage the project. Hunt-Sundt is a joint venture of Hunt Construction Group and Sundt Construction, Inc.
The design team will feature Gould Evans and national stadium design firm HNTB Corporation.
The $162 million project will include reconstruction of the lower stadium bowl, new concessions, restrooms and amenities, and new luxury suites.
More information on this renovation can be found here.