Whitestone REIT acquired Scottsdale Commons in Scottsdale for $22.2 million. The 69,000 square foot center, located at 7119 E. Shea Blvd., is 96.6% occupied with 20 tenants including Rosati’s Chicago Pizza, specialty butcher Rusty Nail Meats, U.S. Egg and BevMo. The asset was sold by Trojan Development Associates III LLC,
Joseph Compagno and Benjamin Farthing with CBRE represented the seller and found the buyer in the transaction. Scottsdale Commons last traded in 2007 when C&H Development acquired it for $17.6 million, according to Commercial Edge.
The acquisition is funded through Whitestone’s capital recycling program, which is intended to improve the overall quality of its portfolio through targeted dispositions and the acquisition of greater long-term value properties.
Whitestone REIT currently owns 29 shopping centers throughout Scottsdale and Phoenix. The company says it specializes in acquiring, owning, operating, and developing open-air retail centers in some of the fastest-growing markets in the United States, including Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio.
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