ORION Investment Real Estate recently announced the successful ground lease sale of the Danny’s Family Car Wash, located at 15515 N. Scottsdale Road in Scottsdale, for $6.5 million to Pacific Scottsdale, LLC.
The Seller was Scottsdale Place, LLC.
The car wash, detailing center, gas facilities and 2 convenience stores, totaling approximately 17,700 square feet did not convey in this transaction and are currently owned by Danny’s Family Car Wash, who in turn leases the 3.25 acres.
“A property like this does not come along very often. It is over 140,000 square feet of prime North Scottsdale real estate with Scottsdale Road frontage,” says ORION President Ari Spiro, the lead broker on the transaction.
It is in the middle of 3 marquee projects, namely Scottsdale Quarter, Kierland Commons and Scottsdale Promenade. It is also in close proximity to a couple of major future redevelopments, the former Robb & Stucky site and the Cracker Jax site.”
The Buyer, a partnership of high net worth local investors, was drawn to the site because of its superior location and plans to hold for redevelopment.
“This was truly a win-win transaction in which the Seller sold at a premium at nearly $50 per square foot for the land, but still left some ‘meat on the bone’ for the next Buyer,” Spiro says.
The property was purchased for cash after a 45-day escrow. ORION Principal, Sean Stutzman says “Great real estate always gets better and there are few intersections in the entire Southwest quite like this.”
ORION would know having transacted over $50 million in real estate at or adjacent to the intersection of Scottsdale Road and Greenway-Hayden Loop in recent years, most recently assembling the former Barcelona nightclub and adjacent office building. That site is nearing completion, under development by PB Bell and IPA, and will open later this year as Liv Scottsdale, a 240-unit apartment project across from Scottsdale Quarter.
“This part of Scottsdale is just booming with high density mixed-use development as it continues its maturation into one of the most dynamic commercial and residential areas in the West. It will virtually be unrecognizable in five years,” Spiro says.