Thursday, September 10, 2015

Papago Marketplace Sells for $12.5 Million amidst Renovations

Area Map

Last Friday Lee Mashburn and Baltimore-based Timothy Gisriel of Alex Brown Realty purchased the Papago Marketplace neighborhood center at the southwest corner of Scottsdale and McDowell Roads for $12.5 million. The property is currently under renovation to expand site area to nearly 512,000 square feet, or 120,000 improved gross square feet. Alterations will include partial demolition of 29,000 square feet of existing structures. Buyers were assigned the ground lease recorded in 1961 with the Malouf family.

For more information on this property including complete history, ground lease information, and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!


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