{"id":1004709249,"date":"2024-04-05T03:49:55","date_gmt":"2024-04-05T11:49:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004709249"},"modified":"2024-04-05T06:02:09","modified_gmt":"2024-04-05T14:02:09","slug":"whitestone-reit-sells-phoenix-area-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/","title":{"rendered":"Whitestone REIT Sells Phoenix-Area Shopping Center"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"4853\" height=\"3642\" data-attachment-id=\"1004709250\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/mercado-at-scottsdale-ranch_1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Mercado-at-Scottsdale-Ranch_1-e1712314933747.jpg\" data-orig-size=\"4853,3642\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;6.3&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;L1D-20c&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1677951231&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;10.26&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.002&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Mercado at Scottsdale Ranch_1\" data-image-description=\"&lt;p&gt;The Mercado at Scottsdale Ranch comprises six buildings spread on some 9 acres. Image courtesy of Newmark&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The Mercado at Scottsdale Ranch comprises six buildings spread on some 9 acres. Image courtesy of Newmark&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Mercado-at-Scottsdale-Ranch_1-e1712314933747.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Mercado-at-Scottsdale-Ranch_1-e1712314933747.jpg\" alt=\"The Mercado at Scottsdale Ranch\" class=\"wp-image-1004709250\" style=\"width:350px\"\/><figcaption class=\"wp-element-caption\">Mercado at Scottsdale Ranch comprises six buildings spread across 9 acres. <em>Image courtesy of Newmark<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Mercado at Scottsdale Ranch, a 118,751-square-foot shopping center in Scottsdale, Ariz., has changed hands for $26.5 million. The property was 94.8 percent leased at the time of sale.<\/p>\n\n\n\n<p>Ziff Real Estate Partners purchased the asset from Whitestone REIT, according to Commercial Edge data, thus entering the Arizona market. Protective Life Insurance Co. provided a $15.7 million acquisition loan, the same source shows. Newmark represented the seller.<\/p>\n\n\n\n<p>Mercado at Scottsdale Ranch previously traded in 2013, when Whitestone purchased it for $21.2 million. The acquisition included an $11.1 million debt assumption and a $10.2 million equity requirement which was funded by Whitestone\u2019s unsecured revolving credit facility.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-investors-are-adapting-to-disruption-heres-how\/\">Retail Investors Are Adapting to Disruption. Here\u2019s How.<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The 1987-completed neighborhood center comprises retail, office and service space across six buildings. Anchored by Planet Fitness, Walgreens and Goldie\u2019s Sports Caf\u00e9, Mercado at Scottsdale Ranch features a diverse mix of tenants such as Samurai Sam\u2019s, Suburban Sole, Crave Grounds, Fred Astaire Dance Studios and Global Minds.<\/p>\n\n\n\n<p>Located at 10135 E. Via Linda, in the North Scottsdale\/Shea Corridor submarket, the shopping center is in an area where the daily traffic count reaches approximately 34,000 vehicles, according to Newmark. Mercado at Scottsdale Ranch is near Route 101, which allows easy access across the Phoenix metropolitan area.<\/p>\n\n\n\n<p>Newmark Senior Managing Directors Steve Julius and Jesse Goldsmith and Director Chase Dorsett negotiated on behalf of the seller. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-phoenix-maintains-strong-retail-fundamentals\">Phoenix maintains strong retail fundamentals<\/h2>\n\n\n\n<p>Phoenix\u2019s population growth has helped <a href=\"https:\/\/www.commercialsearch.com\/news\/retails-return-is-the-sector-2024s-sleeper-hit\/\">the retail sector<\/a> maintain strong fundamentals. New deliveries in the metro totaled 58,019 square feet and more than 385,000 square feet remained under construction in the fourth quarter of last year, according to a <a href=\"https:\/\/mktgdocs.cbre.com\/2299\/b87c6528-5cd6-46cd-8d2b-4d1fa3c3c623-2417839029.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">recent CBRE report<\/a>.<\/p>\n\n\n\n<p>The Phoenix retail market also experienced 45,527 square feet of positive net absorption in the last three months of 2023. North Phoenix and North Scottsdale lead all other submarkets, the net absorption totaling 77,098 square feet and 52,601 square feet, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The deal marks the buyer\u2019s entrance into the Valley of the Sun market.<\/p>\n","protected":false},"author":3014,"featured_media":1004709250,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,1601,21749,15],"tags":[51098,32789,50999,35091],"class_list":["post-1004709249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-phoenix","category-retail","category-west","tag-ackman-ziff-real-estate-group","tag-cbre","tag-newmark","tag-whitestone-reit"],"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 Sells Phoenix-Area Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Whitestone REIT has sold Mercado at Scottsdale Ranch, a shopping center in Scottsdale, Ariz., to Ziff Real Estate Partners for $26.5 million.\" \/>\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-sells-phoenix-area-shopping-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Whitestone REIT Sells Phoenix-Area Shopping Center\" \/>\n<meta property=\"og:description\" content=\"Whitestone REIT has sold Mercado at Scottsdale Ranch, a shopping center in Scottsdale, Ariz., to Ziff Real Estate Partners for $26.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-05T11:49:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-05T14:02:09+00:00\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Mercado-at-Scottsdale-Ranch_1-e1712314933747.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/\",\"name\":\"Whitestone REIT Sells Phoenix-Area Shopping Center - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Mercado-at-Scottsdale-Ranch_1-e1712314933747.jpg\",\"datePublished\":\"2024-04-05T11:49:55+00:00\",\"dateModified\":\"2024-04-05T14:02:09+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Whitestone REIT has sold Mercado at Scottsdale Ranch, a shopping center in Scottsdale, Ariz., to Ziff Real Estate Partners for $26.5 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Mercado-at-Scottsdale-Ranch_1-e1712314933747.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Mercado-at-Scottsdale-Ranch_1-e1712314933747.jpg\",\"width\":4853,\"height\":3642,\"caption\":\"The Mercado at Scottsdale Ranch comprises six buildings spread on some 9 acres. Image courtesy of Newmark\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Whitestone REIT Sells Phoenix-Area Shopping Center\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\",\"name\":\"Diana Firtea\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/DianaFirtea_AuthorPhoto.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/DianaFirtea_AuthorPhoto.jpg?w=96\",\"caption\":\"Diana Firtea\"},\"description\":\"Diana Firtea is an associate editor with Commercial Property Executive and Multi-Housing News. She has been with the company for almost four years and joined the CPE-MHN team in 2022. Diana writes stories on different topics, mainly focusing on the affordable, senior, office and retail markets. You can reach out to her at diana.firtea@cpe-mhn.com.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/diana-firtea\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Whitestone REIT Sells Phoenix-Area Shopping Center - Commercial Property Executive","description":"Whitestone REIT has sold Mercado at Scottsdale Ranch, a shopping center in Scottsdale, Ariz., to Ziff Real Estate Partners for $26.5 million.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/","og_locale":"en_US","og_type":"article","og_title":"Whitestone REIT Sells Phoenix-Area Shopping Center","og_description":"Whitestone REIT has sold Mercado at Scottsdale Ranch, a shopping center in Scottsdale, Ariz., to Ziff Real Estate Partners for $26.5 million.","og_url":"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2024-04-05T11:49:55+00:00","article_modified_time":"2024-04-05T14:02:09+00:00","author":"Diana Firtea","twitter_card":"summary_large_image","twitter_image":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Mercado-at-Scottsdale-Ranch_1-e1712314933747.jpg","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/","url":"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/","name":"Whitestone REIT Sells Phoenix-Area Shopping Center - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Mercado-at-Scottsdale-Ranch_1-e1712314933747.jpg","datePublished":"2024-04-05T11:49:55+00:00","dateModified":"2024-04-05T14:02:09+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59"},"description":"Whitestone REIT has sold Mercado at Scottsdale Ranch, a shopping center in Scottsdale, Ariz., to Ziff Real Estate Partners for $26.5 million.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Mercado-at-Scottsdale-Ranch_1-e1712314933747.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Mercado-at-Scottsdale-Ranch_1-e1712314933747.jpg","width":4853,"height":3642,"caption":"The Mercado at Scottsdale Ranch comprises six buildings spread on some 9 acres. Image courtesy of Newmark"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-sells-phoenix-area-shopping-center\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Whitestone REIT Sells Phoenix-Area Shopping Center"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59","name":"Diana Firtea","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/DianaFirtea_AuthorPhoto.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/DianaFirtea_AuthorPhoto.jpg?w=96","caption":"Diana Firtea"},"description":"Diana Firtea is an associate editor with Commercial Property Executive and Multi-Housing News. She has been with the company for almost four years and joined the CPE-MHN team in 2022. Diana writes stories on different topics, mainly focusing on the affordable, senior, office and retail markets. You can reach out to her at diana.firtea@cpe-mhn.com.","url":"https:\/\/www.commercialsearch.com\/news\/author\/diana-firtea\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Mercado-at-Scottsdale-Ranch_1-e1712314933747.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004709249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3014"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004709249"}],"version-history":[{"count":10,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004709249\/revisions"}],"predecessor-version":[{"id":1004709318,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004709249\/revisions\/1004709318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004709250"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004709249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004709249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004709249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}