Acacia Creek Village shopping center sold in Scottsdale
Posted 9/27/23
Newcastle Properties has announced the off-market sale of Acacia Creek Village for $15 million, to an affiliate of the Trammel Crow Company. The purchaser intends to demolish the shopping center, …
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BUSINESS
Acacia Creek Village shopping center sold in Scottsdale
Submitted photo/Michael J. Horne
The Acacia Creek Village shopping center, 10500 N. Scottsdale Road.
Posted
Newcastle Properties has announced the off-market sale of Acacia Creek Village for $15 million, to an affiliate of the Trammel Crow Company. The purchaser intends to demolish the shopping center, covering 4.2 acres of land at 10500 N. Scottsdale Road, and construct a $100,000,000 mixed-use project, including 215 upscale residential units.
“While we typically acquire rather than sell commercial real estate, we are always willing to monetize assets at an appropriately attractive valuation – even in the rapidly growing and dynamic Scottsdale market,” said John E. Gross, CEO of Chicago based Newcastle Properties, LLC.
Founded in 1989, Newcastle Properties is a privately held, diversified commercial real estate investment firm that owns and operates over 80 properties in 23 states, containing nearly 2.8 million square feet, with a focus on the retail, multi-family, and hospitality property sectors.
