Centennial Marketplace
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Centennial Marketplace
4 Retail Properties Offered at $9,500,000 in Scottsdale, AZ
Executive Summary
GROUND LEASE (LEASEHOLD INVESTMENT) - The Property is subject to a 65 year ground lease with the State of Arizona. Approximately 42 Years remaining on the Lease. This Offering is for Leasehold Improvements ONLY.
UNDER MARKET AVERAGE RENTS - The average rent for Centennial Marketplace is $21.88. 71% (10 out of 14) of tenants are under $25/SF NNN. Phoenix MSA average asking rent is $25 NNN while Scottsdale’s average asking rent is $34 NNN (Costar).
IMMEDIATE UPSIDE - Value-add opportunity with near term rollover providing investors the chance to achieve market rents within the first two to three years of ownership.
AFFLUENT SCOTTSDALE COMMUNITY - The Property is positioned in a high-disposable income area. Average Household Income of $173,815 within a 3-mile radius and $178,918 within a 5-mile radius
LIMITED RETAIL COMPETITION - In the immediate trade area, there is not another competing neighborhood shopping center. The two comparable shopping centers are McDowell Mountain Village & Scottsdale Horizon - both quoting $38+ rents
TRUE NNN LEASES - All tenants contribute their share of expenses for the property including: CAM, Taxes, and Insurance.
UNDER MARKET AVERAGE RENTS - The average rent for Centennial Marketplace is $21.88. 71% (10 out of 14) of tenants are under $25/SF NNN. Phoenix MSA average asking rent is $25 NNN while Scottsdale’s average asking rent is $34 NNN (Costar).
IMMEDIATE UPSIDE - Value-add opportunity with near term rollover providing investors the chance to achieve market rents within the first two to three years of ownership.
AFFLUENT SCOTTSDALE COMMUNITY - The Property is positioned in a high-disposable income area. Average Household Income of $173,815 within a 3-mile radius and $178,918 within a 5-mile radius
LIMITED RETAIL COMPETITION - In the immediate trade area, there is not another competing neighborhood shopping center. The two comparable shopping centers are McDowell Mountain Village & Scottsdale Horizon - both quoting $38+ rents
TRUE NNN LEASES - All tenants contribute their share of expenses for the property including: CAM, Taxes, and Insurance.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $9,500,000 | Number of Properties | 4 |
| Price / SF | $180.81 / SF | Individually For Sale | 0 |
| Cap Rate | 8.14% | Total Building Size | 52,542 SF |
| Sale Type | Investment | Total Land Area | 30.59 AC |
| Status | Active |
| Price | $9,500,000 |
| Price / SF | $180.81 / SF |
| Cap Rate | 8.14% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 4 |
| Individually For Sale | 0 |
| Total Building Size | 52,542 SF |
| Total Land Area | 30.59 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Centennial Marketplace
14144 N 100th St, Scottsdale, AZ 85260 |
Retail | 9,633 SF | 2007 | - |
|
Centennial Marketplace
14148 N 100th St, Scottsdale, AZ 85260 |
Retail | 13,800 SF | 2007 | - |
|
Centennial Marketplace
14150 N 100th St, Scottsdale, AZ 85260 |
Retail | 24,847 SF | 2007 | - |
|
Chase bank
14140 N 100th St, Scottsdale, AZ 85260 |
Retail | 4,262 SF | 2007 | - |
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Sean Bishop, CCIM -
John Esslinger -
Lee & Associates
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Centennial Marketplace
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