JLL Income Property Trust, an institutionally-managed, daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), acquired a newly built Scottsdale retail center for $47 million.
Silverstone Marketplace is anchored by a Sprouts Farmers Market, and the 78,000-square-foot property is 100 percent leased to a variety of national and regional tenants with a weighted average remaining lease term of 10 years.
The Seller was RHVT Limited Partnership, a joint venture formed by Arizona-based businessman Larry Van Tuyl and developer Craig Eisenberg of Eisenberg Company in Phoenix
Cushman & Wakefield Executive Managing Directors Ryan Schubert and Michael Hackett represented the buyer. Ryan Amato and Jason Eisenberg of the Eisenberg Company of Phoenix represented the sellers.
Tenants include Einstein Bagels, Verizon, Mattress Firm, 1st Bank, Tenet Urgent Care, Massage Green, Eddie Merlot’s Steakhouse, Firehouse Subs and Pacific Dental.
Silverstone Marketplace is located at the southeast corner of Scottsdale and Pinnacle Peak Roads, The property is also in close proximity to a number of affluent master-planned communities as well as Scottsdale Airpark, the second-largest employment center in Arizona.
“This is our seventh acquisition in the grocery-anchored retail format,” said Allan Swaringen, president and CEO of JLL Income Property Trust. “all in targeted retail locations rated in the top-quartile of LaSalle’s proprietary ranking of more than 40,000 grocery-anchored shopping centers.”
