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.