SCOTTSDALE 7001 East Main Street, situated in the heart of Old Town Scottsdale’s Arts District, sold this past week for $1,600,000 or $484 per square foot after being in a family trust for over 40 years. The sale of this trophy asset was negotiated by Andrew Harrison and Nick Miner, CCIM of ORION Investment Real Estate, who represented the Sellers M.J.D Investments II LLC and AZ LLC, as well as the Buyer, On Main St, LLC.
7001 Main has excellent visibility along Goldwater Boulevard and Main Street, directly on its hard corner, at the archway entrance to Old Town Scottsdale’s Arts District. The surrounding area is clad with trendy art galleries, upscale eateries, and a myriad of local hot spots that make the area a must-visit for tourists and locals alike.
The subject property is multi-tenant retail shops, leased to near-term tenants on short-term leases at below-market rents, offering the Buyer upside.
Andrew Harrison commented on the transaction, “This sale of 7001 E Main Street shows the strength & demand for well-located retail real estate in Arizona. The hard corner location of Goldwater Blvd & Main Street in Old Town Scottsdale is tough to beat. This is truly a trophy location and we are happy to assist in the sale of the property after being held by the family for over 40 years.”
Nick Miner stated, “Well located retail has and will continue to perform well.”