Levine adds to infill assets, pays $15M for plaza next to Fashion Square

Scottsdale plaza

Scottsdale plazaBy Business Real Estate Weekly

In keeping with a strategy to buy well-located infill properties that can be upgraded and leased to quality commercial tenants, Levine Investments Limited Partnership in Phoenix (Bill Levine, Andrew Cohn, principals) paid $15 million ($500 per foot) to acquire a mixed-use property located across the street from Scottsdale Fashion Square.

The 30,000-square-foot project, comprised of retail, commercial and showroom space, sits on a 3.26-acre parcel at the northeast corner of Scottsdale Road and Highland Avenue.

The seller was RAS Scottsdale Road LLC in Beverly Hills, Calif. (Ronald Simms, Jerry Simms, principals). The cash sale was brokered by Jim Fijan and Will Mast of CBRE in Phoenix.

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