Cushman & Wakefield Completes Sale for 55 Single Family Homes
PHOENIX, March 7, 2019 – Cushman & Wakefield completed the sale of the former P.F. Chang’s headquarters, located at Miller Road and Pinnacle Peak Road in Scottsdale, Ariz. Miami-based Lennar Homes purchased the property from Scottsdale-based P.F. Chang’s for $12 million.
Brooks Griffith with Cushman & Wakefield’s land advisory group, along with Mitch Chilton and Tom Jacobs with Cushman & Wakefield’s tenant advisory group represented the seller in the transaction.
Lennar Homes plans to demolish the existing building and build a luxury, gated community – Paseo at Pinnacle Peak. Plans call for 55 single-family homes on the 20-acre site.
“This is an exceptional redevelopment opportunity for Lennar Homes in a highly desirable submarket. Prospective homebuyers will benefit from the close proximity to high-end restaurants and retail in the North Scottsdale area,” said Griffith.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.