Retail Focused Developer Picks Up Bank Branch/Office Building on 5th Ave & Scottsdale in Old Town Scottsdale

VIZZDA — 9/6/2013 — A joint partnership between Artemio DeLaVega of DeLaVega Development, and Scott Weaver, a director at Western Refining in Texas, have acquired 13,960 square feet of bank branch & office in one 2-story building at the southeast corner of Scottsdale Rd & 5th Ave, just south of the Galleria project. The piece sold for $3.94m or $282 per square foot.

The building is located at the 4253 N Scottsdale Rd, Scottsdale. It was built 1981 on 0.40 acres zoned C-2, 6 parking spaces, and a drive thru.

The seller of the property was Nicholas McKay Sr., the CEO of Ecosentials LLC & Vitamin Squeeze. He previously acquired the property November 10th, 2005 for $4,531,875 or $324 per square feet, $100K down, and $2.5m new note with US Bank. $3.75m debt issued November 4th, 2008 with M&I Marshall Bank. $3,675M additional financing on May 24th, 2008 with Northern Trust. — The prior lease with US Bank (as occupant) originated November 15th, 2002.

DeLaVega Development’s website states that although their historic acquisition strategy has focused on ground up development, the company has more recently been seeking redevelopment and value added retail and mixed use opportunities in the southwest.

There is currently an active development review case for a parcel across the street from the subject property for a 6,009 square foot mixed-use building, planned to have ground floor restaurant and second floor residential. This property is located at 7158 E. 5th Avenue. Case Document.

Daniel Alpers

Vizzda.com

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