Hannay spends $600+ per foot for Scottsdale Road retail plaza

Scottsdale Road plaza

Scottsdale Road plazaBy Business Real Estate Weekly

A limited partnership formed by Hannay Investment Properties in Phoenix (Craig Hannay, pres.) paid $14 million ($605.12 per foot) to acquire a 23,136-square-foot retail plaza located north of the northwest corner of Scottsdale Road and Lincoln Drive in Scottsdale.

The seller was CAM-8 LLC, a company formed by Covington Asset Management in Scottsdale (Len Noel, principal).

The specialty retail plaza, called Marketplace at Lincoln & Scottsdale, is located at 6560-6590 N. Scottsdale Road. Noel’s company completed development of the project last year.

Tenants include Vivo Ristorante, Sumo Maya Mexican-Asian Kitchen, Scramble and Opus Bank. Maricopa County records show HRA Lincoln Scottsdale LP (Hannay Realty Advisors entity) acquired the property with a $7 million loan from Nationwide Life Insurance Co.

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