PHOENIX – DTZ, a global leader in commercial real estate services, announced today that East Village at Shea LLC, a company formed by YAM Properties, LLC (Bob Parsons, Principal), purchased Village at Shea, a 117,025 square foot retail center at 7366 E. Shea Boulevard, for $32.5 million ($277.72 PSF). The seller was Karlin Scottsdale Shea LLC, a company formed by Karlin Real Estate of Los Angeles.
DTZ Executive Managing Directors Michael Hackett and Ryan Schubert brokered the sale on behalf of Karlin.
“Village at Shea is a highly coveted retail asset located at one of the best commercial intersections in Scottsdale,” according to Mr. Hackett. “Karlin created significant value for the asset sale, and YAM should enjoy the benefits of a stable asset with a fantastic location.’
The DTZ team sold Shea Scottsdale East, later renamed Village at Shea, to Karlin in October 2011, along with the adjacent 160,228 square foot Shea Scottsdale for $50.32 million. The DTZ team represented Karlin in February 2014 when it sold the West portion of the shopping center for $44.5 million.
DTZ is a global leader in commercial real estate services providing occupiers, tenants and investors around the world with a full spectrum of property solutions. The company’s core capabilities include agency leasing, tenant representation, corporate and global occupier services, property management, facilities management, facility services, capital markets, investment and asset management, valuation, research, consulting, and project and development management. DTZ provides property management for 1.9 billion square feet, or 171 million square meters, and facilities management for 1.3 billion square feet, or 124 million square meters. The company completed $63 billion in transaction volume globally in 2014 on behalf of institutional, corporate, government and private clients. Headquartered in Chicago, DTZ has more than 28,000 employees who operate across more than 260 offices in 50 countries and represent the company’s culture of excellence, client advocacy, integrity and collaboration.
DTZ announced an agreement to merge with Cushman & Wakefield in a May 11 press release. The new company, which will operate under the Cushman & Wakefield brand, will have revenues over $5.5 billion, over 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. The agreement is subject to customary closing conditions and is expected to close before the end of 2015. For further information, visit: www.dtz.com or follow us on Twitter @DTZ.
Alison A. Melnychenko