Scottsdale development site sold for $6.65M
JLL closed the sale of the property at an irreplaceable “main and main” location
PHOENIX, June 22, 2020 – JLL Capital Markets announced today that it has closed the $6.65 million sale of 16640 North Scottsdale Rd., a nearly two-acre land site purchased primarily for land value that currently houses a 15,000-square-foot retail center at the coveted intersection at Frank Lloyd Wright and Scottsdale Road in Scottsdale, Arizona.
JLL marketed the property on behalf of the seller, Amiel Properties, LLC. A joint venture lead by Jim Riggs, who partnered with Keith Mishkin (Cambridge Properties) and Angelo Giudice (Magna Legacy), purchased the asset. Riggs is a 25-year Scottsdale real estate commercial developer and nine-time NAIOP award winner who specializes in infill mixed-use projects.
Situated on 1.885 acres, 16640 North Scottsdale Rd. is at an infill location on the southwest corner of the intersection at Scottsdale Road and Bell Road/Frank Lloyd Wright Boulevard in the northern part of Scottsdale, an affluent Phoenix suburb that has the highest median housing price of any of the large Valley cities. The property is surrounded by trophy office buildings, resorts and other world-renowned amenities, including the Tournament Players Club (TPC) golf course, which is the home of the Phoenix Waste Management Open. The buyer is still finalizing future plans for the site.
“We are close to announcing our plan for a truly Iconic project complimenting the adjacent Frank Lloyd Wright Spire,” said Rigs, who NAIOP named Developer of the Year three times. “Expect a mixed-use plan with a large residential component."
The JLL Capital Markets team was led by Managing Director Brian Ackerman.
“This location is one of a handful of true trophy locations in metropolitan Phoenix, and the opportunities are plentiful for redevelopment,” Ackerman said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.