DPC Companies acquires Scottsdale 7 Thousand Shea

A view of 7 Thousand Shea in Scottsdale, but adjacent to the Town of Paradise Valley. (Submitted photo)

DPC Companies has purchased 7 Thousand Shea, which is a 145,000-square-foot development in Scottsdale, but adjacent to the Town of Paradise Valley.

ORION Investment Real Estate facilitated the sale for $16 million, or $110 per square foot, according to a press release.

Set atop 8.3 acres, 7 Thousand Shea sits near the premier Scottsdale Road and Shea Boulevard intersection. The property is situated around some of the most expensive housing in the state with average home values in excess of $1 million.

“With its desirable Paradise Valley location, the center presents the opportunity to create a first class, mixed-use project,” said Chris King, president and CEO of DPC Companies, in a prepared statement. “7 Thousand Shea is a great addition to our already well-established Arizona portfolio and we are excited to make this an iconic mixed-use project on a rare Scottsdale infill site.”

With plans for significant, first-class upgrades already in the works, DPC is planning space to accommodate high-end dining, retail spaces, and creative office space with contemporary finishes and move-in ready suites.

“This has been an underperforming and transitional property for more than a decade! Having gone through a foreclosure, the Seller (Younan Properties) did a terrific job stabilizing the asset post-foreclosure, while delivering their investors a very solid return,” noted ORION’s President, Ari Spiro.

“We are very confident that DPC will continue to bring value to this asset as they continue to redevelop the site. This is one of the best locations in the state and we are excited to witness and to have played a part in bringing additional value to this already prestigious neighborhood.”

You are encouraged to leave relevant comments but engaging in personal attacks, threats, online bullying or commercial spam will not be allowed. All comments should remain within the bounds of fair play and civility. (You can disagree with others courteously, without being disagreeable.) Feel free to express yourself but keep an open mind toward finding value in what others say. To report abuse or spam, click the X in the upper right corner of the comment box.

Facebook Comment