Scottsdale retail center Northsight Crossing has been sold by local real estate firm Caliber. The property was purchased in January 2022 by Northsight Crossing AZ, a Caliber co-sponsored single asset syndication, for $21.1 million and was sold this month to Hunt Retail Investments, a local investment group, for $27.4 million, according to a press release.
After fees and other expenses, the sale generated an internal rate of return of approximately 22 percent for investors.
Located at 14891 N. Northsight Boulevard in the Scottsdale Airpark, the property encompasses 9.25 acres and houses more than 112,000 square feet of retail space that is 98 percent occupied by national, regional, and local-branded businesses. Following the purchase of this retail center, Caliber and its partners completed tenant improvements and executed a number of new leases, resulting in a sale at a capitalization rate of 6.75%, according to the release.
