By Business Real Estate Weekly
Stockdale Capital Partners LLC in Scottsdale (Shawn Yari, Steven Yari, principals) has acquired a site near the northeast corner of Scottsdale and Camelback roads that was once planned for a $600 million hotel-residential development called Solis Scottsdale.
The 7.03-acre parcel is located along the north side of Camelback Road and just east of the Arizona Canal on both sides of 73rd Street. A company formed by Stockdale Capital Partners paid $18 million to purchase the land in a deal that included a 1.03-acre parcel located along the north side of Indian School Road and east of 68th Street at 6820 E. 5th Avenue in Scottsdale.
The seller was AZ-Waters Edge LLC, a company formed by IMH Financial Corp. in Scottsdale (Lawrence Bain, CEO). Public records show Scottsdale Canal Holdings LLC (Stockdale Capital Partners entity) acquired the Scottsdale land with a $4 million cash down payment and $14 million in seller carryback financing.