{"id":1004709835,"date":"2024-04-11T21:53:20","date_gmt":"2024-04-12T05:53:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004709835"},"modified":"2024-04-11T21:53:23","modified_gmt":"2024-04-12T05:53:23","slug":"whitestone-reit-buys-phoenix-area-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/whitestone-reit-buys-phoenix-area-retail-center\/","title":{"rendered":"Whitestone\u00a0REIT Buys Phoenix-Area Retail Center"},"content":{"rendered":"\n

Whitestone\u00a0REIT has purchased Scottsdale Commons, a 69,482-square-foot shopping center in Scottsdale, Ariz. C&H Development sold the asset for $22.2 million, according to CommercialEdge data.<\/p>\n\n\n

\n
\"Scottsdale
Scottsdale Commons comprises three buildings on some 6 acres. Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n

CBRE\u2019s Senior Vice President Joseph Compagno\u00a0and\u00a0Vice President Benjamin Farthing brokered the all-cash transaction, working for both parties. At the time of the sale, the property was 96.6 percent leased.<\/p>\n\n\n\n

Scottsdale Commons last traded in 2007 when C&H Development acquired it for $17.6 million, CommercialEdge data shows. In 2015, the property became subject to a $15.1 million CMBS loan originated by Deutsche Bank, according to the same source.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Retail Investors Are Adapting to Disruption. Here\u2019s How.<\/a><\/p>\n\n\n\n

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The neighborhood center came online in 1980. The tenant roster at the retail center <\/a>includes a diverse mix of retailers such as Rosati\u2019s Chicago Pizza, Green Corner Mediterranean, The Diamond Vault, Rusty Nail Meats, U.S. Egg, Companion Pet Partners and BevMo.<\/p>\n\n\n\n

The acquisition of Scottsdale Commons was funded through Whitestone\u2019s capital recycling program, intended to improve the overall quality of its portfolio through targeted dispositions and the acquisition of greater long-term value properties. The program commenced in 2022 and has since amassed acquisitions exceeding $100 million in value.<\/p>\n\n\n\n

Phoenix sustains a robust retail sector<\/h2>\n\n\n\n

Located at 7119 E. Shea Blvd., Scottsdale Commons is within Phoenix\u2019s Scottsdale\/Shea Corridor submarket. The shopping center is on the corner of the intersection of Scottsdale Road and Shea Boulevard, in an area with a daily traffic count of 107,557 vehicles, according to Whitestone. Scottsdale Commons serves more than 334,392 households within a 10-mile radius, with the average household income within a 3-mile radius of approximately $179,144.<\/p>\n\n\n\n

Whitestone REIT currently owns 29 shopping centers throughout Scottsdale and Phoenix. The company has recently sold Mercado at Scottsdale Ranch, a 118,751-square-foot retail center<\/a> in Scottsdale, Ariz., for $26.5 million.<\/p>\n\n\n\n

The retail sector’s robust fundamentals have been sustained by Phoenix’s population growth. The metro ended last year strong, with 2.3 million square feet of retail space under construction, according to a recent Avison Young report. The high level of development in 2023 also contributed a total of nearly 1.5 million square feet of retail space delivered to the market.<\/p>\n","protected":false},"excerpt":{"rendered":"

The 70,000-square-foot property traded in an all-cash deal..<\/p>\n","protected":false},"author":3014,"featured_media":1004709856,"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":[32789,35091],"class_list":["post-1004709835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-phoenix","category-retail","category-west","tag-cbre","tag-whitestone-reit"],"acf":[],"yoast_head":"\nWhitestone\u00a0REIT Buys Phoenix-Area Retail Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Whitestone\u00a0REIT has purchased a 69,482-square-foot shopping center in Scottsdale, Ariz. 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