94 Hundred Shea
Retail | 6.05% CAP | 73,683 SqFt
Marketing description
94 Hundred Shea is a 73,683 square foot mixed-use retail and office center located along East Shea Boulevard in the heart of North Scottsdale, Arizona. Built in 2007 and currently 100% leased, the property generates $1,716,071 in NOI and is offered at $28,360,000, reflecting a 6.05% cap rate. With a weighted average lease term of 5.25 years and multiple tenants paying below-market rents, the center presents investors with a rare combination of immediate, stabilized cash flow and meaningful mark-to-market upside in one of the Phoenix metro's most desirable and supply-constrained retail submarkets.
The center's tenant roster is a carefully assembled mix of nationally recognized brands and locally entrenched operators spanning dining, wellness, beauty, medical, and professional services. Anchor food and beverage tenants include First Watch, Ling & Louie's Asian Bar and Grill, Salt + Lime Modern Mexican Grill, and Rosebud Steakhouse, while service and wellness tenants such as Elements Massage, Blo Blow Dry Bar, V's Barbershop, Emmi D SalonSpa, and Scottsdale Hand and Foot Spa drive consistent daily visits and repeat patronage. Complementing the retail component is 35,000 square feet of fully leased Class A office space occupied by 94 Hundred Corporate Center, contributing 250 on-site employees who further activate the center throughout the business day.
The property benefits from an irreplaceable location directly adjacent to HonorHealth Scottsdale Shea Medical Center, a 427-bed full-service hospital campus and Caremark Hub employing over 2,000 workers, providing a built-in, recession-resistant customer base that insulates the center from the demand volatility that affects more isolated retail assets. Shea Boulevard's 83,135 vehicles per day, combined with direct access to the high-income Fountain Hills corridor, ensures exceptional visibility and accessibility. The surrounding trade area commands average household incomes of $164,062 within 1 mile and $188,002 within 5 miles, an affluent consumer profile that aligns directly with the center's dining, wellness, and experiential retail offering.
For investors, 94 Hundred Shea represents a low-risk, high-quality acquisition in one of the Southwest's most sought-after retail markets, with the added optionality of an adjacent 3.595-acre land parcel available for separate or combined acquisition at $6,000,000. Zoned C-O and requiring no rezoning, the parcel supports a range of by-right uses including medical office, professional office, retail, and age-restricted multifamily development structured as a Medical Residential Facility, an especially compelling opportunity given the site's immediate proximity to HonorHealth and the surrounding area's concentration of active, older-adult residents. Whether targeted by 1031 exchange buyers seeking a dependable replacement property, developers looking to capitalize on a rare entitled infill site, or institutional investors allocating to the Sun Belt, 94 Hundred Shea offers the kind of stabilized, well-tenanted profile paired with meaningful mark-to-market upside that is increasingly difficult to source in today's market.
Investment highlights
- Strong In-Place Cash Flow With Immediate Returns: The asset generates $1,716,071 in NOI backed by a 100% leased, 73,683 SF rent roll, delivering a 6.05% cap rate at the $28,360,000 offering price with no vacancy drag or near-term capital uncertainty, a compelling profile for 1031 exchange buyers and institutional investors seeking dependable, management-light cash flow in one of Metro Phoenix's most supply-constrained retail corridors.
- Significant Mark-To-Mark Upside Across Multiple Tenants: Multiple tenants are currently paying below-market rents, presenting a clear path to increased cash flow at renewal. Most notably, Salt + Lime's lease expires in September with no renewal options, and with multiple well-established restaurant operators already expressing interest as backfill, the space represents a rare, near-term opportunity to reset rents to current market in one of North Scottsdale's most sought-after dining corridors, a compelling value-add layer on top of an already stabilized investment.
- Premier Central Scottsdale Location With Exceptional Traffic: Positioned on the south side of Shea Boulevard at 94th Street, one of the Valley's primary east-west arterials, the center benefits from 83,135 vehicles per day and direct access to the affluent Fountain Hills corridor, placing it at the crossroads of some of North Scottsdale's highest-volume consumer traffic.
- Recession-Resistant Demand Drivers With Institutional-Grade Adjacency: Adjacent to HonorHealth Scottsdale Shea Medical Center, a 427-bed full-service hospital campus and Caremark Hub employing 2,000+ workers, the center benefits from a built-in, consistent customer base that visits regardless of broader economic conditions, providing a durable floor of daily foot traffic unmatched by typical retail corridors. Affluent, High-Spending Consumer Base: With average household incomes of $164,062 within 1 mile and $188,002 within 5 miles, the surrounding trade area represents one of the wealthiest consumer demographics in the Phoenix metro, with a median age skewing toward active, high-discretionary-spending adults who allocate disproportionately toward dining, wellness, and personal services, precisely the categories anchoring this center's tenant mix.
- Adjacent Land Parcel Available With Broad By-Right Development Potential: The offering includes the opportunity to acquire an adjacent 3.595-acre (156,576 SF) land parcel priced at $6,000,000, zoned C-O to allow medical office, professional office, retail, and age-restricted multifamily development in the form of a Medical Residential Facility, all without rezoning. Situated steps from HonorHealth Scottsdale Shea Medical Center and surrounded by one of the Valley's most affluent consumer bases, the parcel represents a rare, shovel-ready development site in a supply-constrained North Scottsdale corridor where entitled land of this caliber rarely comes to market.
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