​Popular restaurant center on Scottsdale Road sells for $14M

​Popular restaurant center on Scottsdale Road sells for $14M

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The Marketplace at Lincoln & Scottsdale has sold for $14 million.

The restaurant-heavy retail center sits on the border of Paradise Valley and Scottsdale at the intersection of Lincoln Drive and Scottsdale Road.

The center totals 22,081 square feet and includes restaurants Scramble, Sumo Maya and Vivo! Ristorante.

Len Noel developed the property after buying 7.5 acres of bank-owned land in 2011. He sold 5.3 acres to Alliance Residential. That group built a 264-unit luxury apartment complex on that site.

Calgary-based MDC Realty Advisors USA is the buyer Noel’s Marketplace. The real estate company also owns Paloma Village in Tucson and other properties in Phoenix.

“MDC is extremely active in acquiring and operating high-end properties in prominent locations. The Marketplace was a natural strategic fit in growing their impressive local portfolio into Scottsdale”, said Ari Spiro, President of Orion Investment Real Estate.

Spiro and partner Sean Stutzman brokered the sale.

Noel said he had not intended to sell the Scottsdale Road center but Orion introduced him to the eventual buyers.

“It was a difficult decision to part with the Marketplace,” Noel said. “In my many years in the industry, I have never had such an overwhelming interest from tenants on any project that I have developed or redeveloped.”

Source: http://www.bizjournals.com/phoenix/news/2015/04/01/popular-restaurant-center-on-scottsdale-road.html