Northsight Village Retail Sells

Business Real Estate Weekly

Published:   April 8, 2011
Volume:   XVII    Number:   13

Scottsdale – Northsight LLC in Gilbert (Andrew Martin, C. Dennis Barney, et al., principals) paid $3.1 million ($125.30 per foot) to buy a 24,740-square-foot retail plaza located at 14870 N. Northsight Boulevard in Scottsdale. The seller was MidFirst Bank. The seller in the cash deal was represented by Chris Toci, Jon Cowen and Summer Davis of Cushman & Wakefield of Arizona Inc. in Phoenix. Steve Cook of ESCEE Commercial Properties in Scottsdale worked on behalf of the buyer. The retail center, called Northsight Village III, was 63.8 percent leased at closing. No word on leasing assignment. The retail space, which is located at the southwest corner Northsight Boulevard and Butherus Drive, was built in 2003. MidFirst Bank foreclosed on the previous owner of the property. Martin and Barney have been active investors in the Valley and are looking for more properties.