![\"\"](\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/06\/sonora-village.jpg\")
<\/a>partnership of investors Bob Mariash and Ryan Denk, has paid $46.5 million for Sonora Village, a 248,322-square-foot retail center in Scottsdale, the Phoenix Business Journal reported.<\/p>\nSonora Village\u2019s previous owner, Westwood Financial Corp., has sold six retail properties in Arizona during the past six months as part of its strategy to rejuvenate its holdings.<\/p>\n
\u201cAs we continue to reshape our portfolio, it was an obvious disposition target, given the fact that we have owned the property for 13 years,\u201d explained Joe Dykstra, Westwood Financials executive vice president. The privately held company, which owns more than 100 retail properties in 24 markets nationwide, plans to continue investing in Arizona, he added.<\/p>\n
The 16-year-old center is about 82 percent leased to a\u00a0tenant roster that includes Wal-Mart, Best Buy, Staples, Studio Movie Grill, Aaron Brothers and Wildflower Bread Company. Jan Fincham and Patrick Dempsey of Lee & Associates\u2019 Phoenix office represented Westwood Financial.<\/p>\n
In other retail transaction news, Michael A. Pollack Real Estate Investments acquired a distressed 25,000-square-foot strip mall near Cave Creek in North Phoenix for about $750,000, the Business Journal reported. The price represents a 60 percent discount for what the previous owner, California Credit Union, paid for the property in a foreclosure sale three years ago. \u00a0Michael Pollack, the property\u2019s new owner, said that he plans to invest several hundred thousand dollars in upgrading the mall.<\/p>\n
Photo courtesy of city-data.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"By Alex Girda, Associate Editor Sonora Village Investors, a partnership of investors Bob Mariash and Ryan Denk, has paid $46.5 million for Sonora Village, a 248,322-square-foot retail center in Scottsdale, the Phoenix Business Journal reported. Sonora Village’s previous owner, Westwood Financial Corp., has sold six retail properties in Arizona during the past six months as […]<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1601],"tags":[],"class_list":["post-1004053345","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix"],"acf":[],"yoast_head":"\n
Sonora Village Retail Center in Scottsdale Trades for $46.5M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sonora-village-retail-center-in-scottsdale-trades-for-46-5m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sonora Village Retail Center in Scottsdale Trades for $46.5M\" \/>\n<meta property=\"og:description\" content=\"By Alex Girda, Associate Editor Sonora Village Investors, a partnership of investors Bob Mariash and Ryan Denk, has paid $46.5 million for Sonora Village, a 248,322-square-foot retail center in Scottsdale, the Phoenix Business Journal reported. 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