Grubb & Ellis/BRE Commercial negotiated the sale of The Shops at Gainey Village in Scottsdale, Ariz., for $73 million.
Located at 8787 N. Scottsdale Road, the 143,409-square-foot project combines shops, upscale boutiques, family and fine dining. The property resides on more than 14 acres of space that was previously occupied by a horse ranch, and its design strongly reflects that influence, from the rooflines and unique towers, down to the fountains that resemble horse troughs.
There are five buildings total on the project. The main building is one-story, 91,000 square feet, and there are four freestanding pad buildings that comprise the additional 47,000 square feet.
Gainey Village Center 03 LLC sold the property to Principal Life Insurance in conjunction with Madison Marquette Retail Services.
San Diego-based Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage.
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