Cushman & Wakefield facilitates $17.4M sale of north Scottsdale retail site

Cushman & Wakefield announces the firm has brokered the sale of Chauncey Lane Marketplace, a newly- constructed Class A mixed-use office/retail property in north Scottsdale.

The high-image asset totals 34,963 square feet in three stories 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 brokered the transaction

“Chauncey Lane is a rare mixed-use development featuring an exceptional and synergistic mix of retail and office tenants,” said Eric Wichterman, executive managing director, in a prepared statement.  “Recently built in 2019, this trophy property enjoyed strong leasing success in both office and retail segments during 2020 and into 2021.”

Chauncey Lane, at 17757 and 17767 N. Scottsdale Road, was developed in 2019 by Creation, a development and alternative investment firm led by David Sellers and Bob Agahi, and local investors, Mike and Bret Anderson, the release said.

Chauncey Lane features “commanding street identity” along Scottsdale Road, the release said, noting retail uses within the property include breakfast dining, a cocktail lounge, and a salon/spa. Office users occupying the property include financial advisors, a law firm, a residential development firm, and a dental practice.

“The project offers a great flagship location for retailers coupled with best-in-class office space that is well positioned in a powerhouse Scottsdale Airpark trade area. Additionally, the property is surrounded by major upscale neighborhoods as well as tourism, sports and entertainment attractions,” Coover stated.