By Alex Girda, Associate Editor<\/p>\n
In a $28.8 million deal, Westwood Financial Corp. has sold a 113,000-square-foot community center in Scottsdale to Houston-based Whitestone REIT, the Phoenix Business Journal <\/em>reported. For Whitestone, the deal marked the REIT\u2019s seventh acquisition in the Phoenix metropolitan market since Sept. 2010.<\/p>\n \u00a0\u201cWe believe that the North Scottsdale market, which is showing signs of recovery from the recession, is a great hedge against inflation, particularly the purchases we have made at significantly discounted prices for properties with in-place cash flow,\u201d said Whitestone chairman & CEO James Mastandrea. Six days after announcing the purchase of the Pinnacle property, Whitestone disclosed that it had acquired the note and deed for an adjacent 4.5-acre development site. Since Sept. 2010, the REIT has invested about\u00a0$73 million in the metropolitan Phoenix market.<\/p>\n Located at the northeast corner of Pinnacle Peak and Scottsdale roads, the property is anchored by a Safeway store and an Ace Hardware outlet. Other national brands represented include Subway and Starbucks. Lee and Associates arranged the sale. According to its Web site, Westwood Financial\u2019s Phoenix-area portfolio includes 14 other properties in Mesa, Glendale, Tempe, Cave Creek and Scottsdale. The largest of the centers is Legacy Village, a 334.000-square-foot power center anchored in Phoenix. Westwood Financial owns more than 100 properties in 14 states from coast to coast.<\/p>\n The Business Journal <\/em>also reported that Arizona Production & Packaging, a beverage manufacturing and bottling company, inked a 56,800-square-foot lease at Opus Commons in Tempe. The property is owned by Johnson Grove Partnership in Phoenix.\u00a0 Steve Grossoehme of Rein & Grossoehme Commercial Real Estate of Scottsdale arranged the deal, for which terms were not disclosed.<\/p>\n <\/p>\n \u00a0<\/em><\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" By Alex Girda, Associate Editor
\nIn a $28.8 million deal, Westwood Financial Corp. has sold a 113,000-square-foot community center in Scottsdale to Houston-based Whitestone REIT, the Phoenix Business Journal reported. For Whitestone, the deal marked the REIT\u2019s seventh acquisition in the […]<\/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-1004053360","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix"],"acf":[],"yoast_head":"\n