Los Angeles developer buys swath of Scottsdale Center for $26.5 million

A 318,526-square-foot portion of the Scottsdale Center in Rogers recently changed hands for $26.5 million. The purchase price equals $83 per square foot.

Los Angeles-based Michael Development Corp., led by president Joseph Michael, purchased 261 N. 46th St., 503 N. 46th St., 4013 W. Walnut St., 4301 W. Walnut St., on 28.86 acres north of West Walnut Street, between North 46th and North 40th streets.

Miami Beach, Fla.-based LNR Partners LLC, a subsidiary of Starwood Property Trust Inc., was the seller. Steven Ferreira, vice president of LNR Partners, represented the seller. Pine Bluff-based Simmons Bank provided a three-year, $18.5 million loan.

Built between 2001 and 2006, the six buildings include nationwide retailers such as Barnes & Noble, Belk, Petco and Staples. The buildings range in size from 34,040 to 114,202 square feet. The deal also includes adjacent parking lots.

The deal did not include the multiple restaurants, hospitality, and other commercial buildings in the Scottsdale Center, such as the 134,858 square feet of commercial space for Kohl’s and Malco Rogers Towne Cinema Grill along North 46th Street.

In May 2016, Michael Development purchased the Frisco Station Mall in Rogers for $6.58 million. The 284,862-square-foot shopping center is about two miles east of the Scottsdale Center and sits on 31.12 acres at North Dixieland Road and West Walnut Street.