YAM Properties purchased lessee interest in the ground-leased Scottsdale 101 shopping center for $81 million on Monday in a cash-only transaction. The ground lease, established in 1999, is held by Arizona State Land Department. Seller traces to AEW Capital, who previously purchased interest in the asset in 2006 for over $117 million.
Scottsdale 101 offers nearly 600,000 square feet of retail on 68 acres at the southwest corner of Scottsdale Road and the 101 in north Scottsdale. Tenants include: "Harkins Theatres", "Sports Authority", "Bed Bath & Beyond", and "Babies R Us"'.
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