Fully-leased retail center on Raintree added to future mixed-use redevelopment site

Phoenix, September 6, 2018 – 101 Envy Raintree, LLC, purchased the fully-leased retail building at 8698 E. Raintree Drive in Scottsdale, Arizona, for $8 million to complete its larger assemblage within Northsight. The company recently acquired the adjacent retail center and plans to create a sizable mixed-use, redevelopment project within this coveted Scottsdale Airpark location.

Mindy Korth and Kirk Kuller of Colliers International in Greater Phoenix represented the seller, a private southern California investor, in the transaction

Northsight, a 300-acre master-planned mixed-use project, offers a careful blend of office, retail, hotel and airport uses with direct access to Loop 101 in north Scottsdale. Built in 2004 and surrounded by major retailers such as Walmart, Lowe’s and Home Depot, the 29,444-square-foot retail center was originally built on a 2.7-acre site as a single-occupant retail showroom. It was later was converted by the seller to a five-tenant configuration, anchored by a Boot Barn western wear store, together with Enterprise Bank, Massage Envy, Brooklyn Bedding and Ski Pro Outlet. Brian and Tom Woods, of Colliers International, completed the leasing for this center.

Prior to this purchase, the company recently acquired the neighboring property at 8680-8690 E. Raintree Drive in Scottsdale. That project contains 103,294 square feet of space on 10.3 acres.  The buyer now plans to redevelop the combined site for mixed-use purposes, including retail, multi-family and possible storage facilities. 

“Raintree and 101 is a special intersection in the Valley and we intend to adaptively reuse the former Sports Chalet building for inside storage and build nearly 300 units of Class A residential to support the 1 million square feet of office tenants nearby; as well as the restaurants and retailers. Imagine living at this location, 100 yards from a grocery store, freeway access and a Chick-Fil-A.  We are excited at the opportunity to build another award-winning project," said Jim Riggs of Platinum Advisors.

The buyer was represented by Jim Riggs of Platinum Advisors and Keith Mishkin of Cambridge Properties. 

About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
 
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Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.