**Pivot Development Secures $42.5M for Papago Marketplace in Scottsdale**
Pivot Development has secured a $42.5 million equity placement to finance the development of Papago Marketplace, a new 55,000-square-foot retail center located in Scottsdale, Arizona. JLL Capital Markets facilitated the equity placement, which was secured on behalf of an institutional investor. The retail center will be anchored by a Sprouts grocery store.
The financing was arranged by JLL’s Capital Markets Advisory team, led by Managing Director Patrick Dempsey and Analyst Quin Madden.
Papago Marketplace will be situated at the southwest corner of Scottsdale and McDowell Roads. The development spans a 4.57-acre site with daily traffic counts of approximately 60,000 vehicles. As of now, the project is already 80% pre-leased, indicating strong tenant interest prior to construction.
Groundbreaking for the project is scheduled for August 2025, with completion anticipated by August 2026.
