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SunChase sells Scottsdale, Ariz., property for $38M

SunChase Holdings Inc. disposed of a former auto mall spanning 30 acres in Scottsdale, Ariz., for $38 million, GlobeSt.com reported.

The buyer, Banyan Residential, plans a mixed-use redevelopment that will be 100% speculative on the Scottsdale Entrada site.

The project, expected to break ground in April 2020 and be delivered mid-2021, will include 735 multifamily units, 7,000 square feet of retail and a 245,000-square-foot office building.