YAM Properties, an owner-operator based in Scottsdale founded by Bob Parsons, purchased retail shopping center, Pima Crossing for $51.5 million.
Brokered by Cushman & Wakefield, the sale adds one more Scottsdale property to the Yam Properties portfolio.
Pima Crossing is a 238,275-square-foot retail destination shopping center at the northwest corner of Shea Boulevard and Pima Road in Scottsdale.
The center is anchored by one of the nation’s largest golf retailers and is also home to several other well-known national and regional tenants.
The seller was an entity formed by Los Angeles-based Karlin Real Estate, according to a press release. Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix represented the seller in the transaction.
“Pima Crossing is an attractive retail investment in a highly sought-after Scottsdale location,” said Mr. Hackett in a prepared statement. “This acquisition provides another in-fill, north Scottsdale asset to a tremendous retail portfolio owned by YAM Properties.”
Originally developed in 1993, Pima Crossing is located in northern Scottsdale, at the full-diamond interchange of the Loop 101 Freeway and Shea Boulevard, near the HonorHealth Scottsdale Shea Medical Center.
YAM Properties is a part of the YAM Worldwide enterprise founded by Scottsdale resident, Mr. Parsons.
According to the YAM Properties website, the group owns four other Scottsdale commercial retail centers, among others.