Scottsdale – A company formed by Jerry Simms, owner of the Turf Paradise horse track in Phoenix, paid $44.5 million ($277.73 per foot) to buy a 160,228-square-foot shopping center at the northeast corner of Scottsdale Road and Shea Boulevard in Scottsdale. The seller was Karlin Scottsdale Shea LLC, a company formed by Karlin Real Estate in Los Angeles, Calif. (David Cohen, Matthew Schwab, co-founders). The seller was represented by Michael Hackett and Ryan Schubert of Cassidy Turley in Phoenix. Marty De Rito of De Rito Partners in Phoenix represented the buyer. The property, called Shea Scottsdale Center, is 98 percent occupied. De Rito Partners has the leasing assignment. The retail plaza is anchored by Safeway and CVS Pharmacy. The acquisition included in-line space, pads with freestanding structures and a ground lease on a parcel occupied by a newly-built McDonald’s. Continued
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