{"id":1004088512,"date":"2013-12-13T16:59:54","date_gmt":"2013-12-14T00:59:54","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=226152"},"modified":"2022-12-05T20:33:14","modified_gmt":"2022-12-06T04:33:14","slug":"whitestone-reit-buys-n-scottsdale-community-center-for-37m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-buys-n-scottsdale-community-center-for-37m\/","title":{"rendered":"Whitestone REIT Buys N. Scottsdale Community Center for $37M"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Amalia Otet, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\">In a $37.4 million off-market deal, Whitestone REIT has acquired Market Street at DC Ranch, a 241,280-square-foot mixed-use neighborhood center in North Scottsdale, from DMB. The purchase price equates to $156 per square foot.<\/p>\n<p style=\"text-align: justify\">The property was 80 percent occupied at the time of closing and includes an adjacent land parcel that permits the addition of 35,000 square feet of leasable space.<\/p>\n<p style=\"text-align: justify\">Developed in phases between 1999 and 2003, Market Street primarily serves DC Ranch, one of Scottsdale\u2019s signature<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/12\/Market-Street-in-Scottsdale-Az.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-226154\" title=\"Market Street at DC Ranch in Scottsdale, Az\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/12\/Market-Street-in-Scottsdale-Az.jpg\" alt=\"\" width=\"300\" height=\"145\" \/><\/a> master planned communities. It is located on the southeast corner of Thompson Peak Parkway and Pima Road and features a \u2018main street\u2019 theme incorporating 15 architecturally distinctive buildings that include 86,991 square feet of office space and 154,289 square feet of retail.<\/p>\n<p style=\"text-align: justify\">\u201cWhile Market Street was not on the market for sale, we began discussing a possible purchase directly with DMB in early summer,\u201d said Whitestone Chairman &amp; CEO James Mastandrea in a statement.<\/p>\n<p style=\"text-align: justify\">The community center is anchored by a Safeway grocery store and showcases a diverse tenant base including Wells Fargo Bank, Fleming\u2019s Steak House, Grimaldi\u2019s Pizza, MidFirst Bank, McCormick &amp; Co., and Edward Jones.<\/p>\n<p style=\"text-align: justify\">Market Street is Whitestone\u2019s 21st acquisition in the Phoenix metropolitan area, and expands its local footprint to over 1.8 million square feet. Since its equity raise in October, the Houston based-REIT has invested $60.7 million in three properties, including Fountain Hills ($20.5 million), Corporate Park Woodland II ($2.8 million) and Market Street ($37.4 million).<\/p>\n<p style=\"text-align: justify\">Meanwhile, 7200 West Buckeye Road Industrial Investors L.L.C. purchased 7200 West Buckeye Road, a 400,000-square-foot industrial property in Southwest Phoenix for $26.3 million. Jones Lang LaSalle Inc. Managing Directors Mark Detmer and Bo Mills represented both the buyer and the seller.<\/p>\n<p style=\"text-align: justify\">Located on Buckeye Road within minutes of Interstate 10, the property is 100 percent leased through 2017 to Home Depot U.S.A. Inc. The building was built in 2009 and features amenities such as 32-foot clear heights, cross-dock loading, concrete truck courts and trailer storage.<\/p>\n<p style=\"text-align: justify\"><em>Photo credit: Whitestone REIT via Business Wire<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a $37.4 million deal, Whitestone REIT acquired Market Street at DC Ranch, a 241,280-square-foot mixed-use neighborhood center in North Scottsdale, from DMB.<\/p>\n","protected":false},"author":260,"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-1004088512","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Whitestone REIT Buys N. Scottsdale Community Center for $37M - 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\/whitestone-reit-buys-n-scottsdale-community-center-for-37m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Whitestone REIT Buys N. 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