CBRE has arranged the $22.15 million all-cash sale of Scottsdale Commons, a Class A shopping center located at Scottsdale Road and Shea Boulevard in Scottsdale to Houston-based Whitestone REIT.
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Joseph Compagno and Benjamin Farthing with CBRE represented the seller, Trojan Development Associates III, LLC, and Whitestone REIT in the transaction.
Situated on 6.21 acres at 7119 E. Shea Blvd., Scottsdale Commons is a 69,482 sq.ft. shopping center anchored by BevMo and Prep Kitchens. The property was 95% occupied at the time of the sale to tenants including Black Rifle Coffee, Mountain View Pharmacy, Rosati’s Pizza, H&R Block, Rusty Nail Butcher, Green Corner Mediterranean, U.S. Egg and Habanero’s Restaurants.
“The center is at a prime “main and main” location along Scottsdale Road, boasting a strong tenancy and exceptional underlying land value,” said CBRE’s Compagno. “The sale underscores the enduring appeal of high-quality retail assets in premier locations.”
Scottsdale Commons is surrounded by several of Scottsdale’s largest employers. It is less than two miles from the HonorHealth Scottsdale Shea Medical Center and approximately three miles from the Scottsdale Airport. The Scottsdale Road and Shea Boulevard intersection has an average daily traffic count of 107,557 vehicles per day. There are 334,392 households within a 10-mile radius of the property and an above-average household income of $179,144 in a three-mile radius.
Whitestone REIT owns 29 shopping centers throughout Scottsdale and Phoenix.
