Cushman & Wakefield announces that the company has negotiated the sale of Chauncey Lane Marketplace, a newly constructed Class A office and retail building in north Scottsdale.
The high-image asset totals 34,963 square feet over three floors and was acquired by Los Angeles-based Ronal, LLC for $ 17.4 million, according to a press release, noting the seller as Chauncey Retail Partners, LLC. Cushman & Wakefield’s Eric Wichterman and Mike Coover negotiated the deal
“Chauncey Lane is a rare mixed-use development featuring an exceptional and synergistic mix of retail and office tenants,” said Eric Wichterman, executive general manager, in a prepared statement. “Recently built in 2019, this trophy property has had strong rental success in the office and retail segments in 2020 and 2021.”
Chauncey Lane, at 17757 and 17767 N. Scottsdale Road, was developed in 2019 by Creation, an alternative development and investment firm led by David Sellers and Bob Agahi, and local investors Mike and Bret Anderson, according to the release. .
Chauncey Lane features a “dominant street identity” along Scottsdale Road, according to the release, noting that retail uses within the property include breakfast, a lounge bar, and a salon / spa. Office users occupying the property include financial advisors, a law firm, a residential development company, and a dental practice.
“The project provides a great flagship location for retailers, coupled with premier office space, well placed in a powerful Scottsdale Airpark shopping area. In addition, the property is surrounded by large upscale neighborhoods as well as tourist, sports and entertainment attractions, ”Coover said.