Cushman & Wakefield and Cassidy Turley announced the $21.25M sale of The Mercado at Scottsdale Ranch, a Class A community retail center at 10155 E. Via Linda.
The seven-building center, located within a densely populated area of Scottsdale, is 96% occupied and heavily anchored by AJ’s Fine Foods and Walgreen’s.
Whitestone REIT of Houston purchased the center from Danville, Calif.-based Rassier Properties.
Cliff Johnston, executive vice president with Cassidy Turley and Greg Valladao, senior director of retail properties with Cushman & Wakefield, represented Rassier in taking the property to the market, procuring Whitestone REIT as a purchaser, and completing the multi-million dollar acquisition.
“C&W was pleased to assist Rassier Properties in their planned sale of Mercado at Scottsdale Ranch,” Valladao said.
“Our broad-based marketing campaign allowed them to take advantage of historically low capitalization rates and pent up investor demand for grocery-anchored retail properties.”