Whitestone REIT Acquires Scottsdale Retail Property For $22.15M With CBRE Brokers

The Class A shopping center known as Scottsdale Commons was recently acquired for $22.15 million in an all-cash transaction. The property spans 69,482 square feet and is situated at 7119 East Shea Boulevard within the Scottsdale, AZ market. It maintains an impressive 95% occupancy rate and is home to well-known tenants such as BevMo and Prep Kitchens.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $22,150,000
• Market: Scottsdale, AZ
• Acres: 6.21
• Seller: Trojan Development Associates III, LLC & Whitestone REIT
• Brokers: Benjamin Farthing & Joseph R. Compagno - CBRE
• SF: 69,482
• PPSF: $319

CBRE played a pivotal role in facilitating the transaction of Scottsdale Commons, with Whitestone REIT acquiring the property. The brokers involved in the deal were Benjamin Farthing and Joseph R. Compagno from CBRE, showcasing their expertise in navigating such significant transactions. The acquisition further solidifies the presence of Whitestone REIT in the retail property market, with the property's high occupancy rate and valuable tenant roster.