NAI Horizon negotiates $3.5M investment sale of Papago Plaza in Tempe
PHOENIX, ARIZONA (November 21, 2019) – NAI Horizon represented Old Vine Limited Partnership of Denver, Colorado, in the $3.5 million acquisition of Papago Plaza, a 19,810 SF retail property located at 2240 N. Scottsdale Road in Tempe, Arizona.
NAI Horizon Senior Vice President Lane Neville and Associate Logan Crum, along with Tom Swan of Amcal Southwest, represented the buyer. Iver Bowden of De Rito Partners represented the seller, DROF I-5, LLC of Scottsdale, Arizona.
“We are excited to own Papago Plaza. As a boutique retail property on prestigious Scottsdale Road, it fits nicely within our mixed-use portfolio of properties located throughout the Southwestern U.S.,” said Mark Cytrynbaum, Principal Partner with Old Vine Property Group.
Papago Plaza tenants include Anytime Fitness, Green Restaurant, PMT Ambulance, Distinctions Salon, Allstate Insurance and Pink Elephant Records.
“Papago Plaza has a prime location just south of ASU Skysong and a few miles north of Arizona State University. The property is conveniently located just minutes from both Loop 202 and 101 freeways,” Neville said.
About NAI Horizon
Exceptional global commercial real estate solutions begin with local market leadership and expertise. Established in 1992, NAI Horizon is a full-service commercial real estate company serving Arizona with offices located in Phoenix and Tucson. NAI Horizon is passionate about the commercial real estate business, providing Brokerage and Property Management Services for local, national and international clients. NAI Horizon is a member of the NAI Global commercial real estate network providing real estate solutions to 375+ offices worldwide. For more information visit www.naihorizon.com.
About NAI Global
Advisory Services, Leasing, Property Management, Property & Note Sales and Tenant Representation
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 375 offices strategically located throughout North America, Latin America and the Caribbean, Europe, Africa and Asia Pacific, with 6,000 local market professionals, managing in excess of 1.15 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions thro
NAI Global professionals achieve extraordinary results for clients locally and globally through creativity, collaboration and the consistent delivery of exceptional knowledge and service that only market-leading firms can provide.
NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more visit: www.naiglobal.com.