This listing is under contract.

JUST LISTED: The Shops at Kierland One | North Scottsdale, AZ | $7.25M | Rare Scottsdale Road Opportunity

16500 N Scottsdale Road Scottsdale, AZ 85254

16500 N Scottsdale Road, Scottsdale, AZ, 85254
16500 N Scottsdale Road, Scottsdale, AZ, 85254
UNDER CONTRACT FOR SALE NNN Property
Property Type:
Regional Center
Amount:
$7,250,000
Cap Rate:
5.33%
Last Verified:
Nov 05, 2021

• This is a rare North Scottsdale multi-tenant investment opportunity leased to Sleep Number, Tokyo Joe’s, and I ♥ Mac & Cheese. • Strong demographics in a three mile radius, with an average household income of $134,901 and estimated 2021-2026 annual population growth rate of 2.29% (Source: Esri). • The Property is very well-positioned on North Scottsdale Road, with daily traffic counts of ±46,597 on average (Source: ADOT, 2020). • The top North Scottsdale employers surrounding the Property include: Mayo Clinic (±4,550 employees), Vanguard (±4,350 employees), Favorite Healthcare Staffing Inc (±910 employees), • Go Daddy Software Inc (±850 employees), and Republic Services Inc (±830 employees) (Source: geo.azmag.gov). • Scottsdale welcomes over 9 million visitors annually, generating an estimated $3.7 billion economic impact to the city (Source: choosescottsdale.com). • Directly across the street of the Property is The Promenade, the landmark shopping destination serving North Scottsdale. National tenants include Lowe’s, Trader Joe’s, Nordstrom, Living Spaces, Bank of America, The Capital Grille, In-N-Out Burger, Buffalo Wild Wings, Verizon Wireless, Sprint Store, Ulta Beauty, and many more. • Located less than two miles northeast of the Property is TPC Scottsdale. This golf course is the home of the Waste Management Phoenix Open, the largest-attended golf tournament in the world. • Located less than two miles south of the Property is the Scottsdale Airport, the busiest single runway general aviation airport in the country. Aviation activity at the airport and airpark created $688 million in total economic output for 2019 (Source: scottsdaleaz.gov, 2020).

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Map of 16500 N Scottsdale Road, Scottsdale, AZ, 85254

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.