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.