Weingarten spends $42.65M for Safeway center in Scottsdale

Safeway

By BSafewayusiness Real Estate Weekly

A company formed by Weingarten Realty Inc. in Houston, Tex. (NYSE:WRI, Stanford Alexander, chairman) paid $42.65 million ($275.58 per foot) to acquire a 154,766-square-foot neighborhood shopping center located at the southwest corner of Frank Lloyd Wright Boulevard and Thompson Peak Parkway in Scottsdale.

The seller was CH Realty V/Scottsdale LLC, formed by Crow Holdings Capital Partners LLC in Dallas, Tex. Maricopa County records show Weingarten Nostat Inc.acquired the property in a cash sale.

The deal was brokered through Ryan Schubertand Michael Hackett of Cassidy Turley in Phoenix, and Dan Wald of Cassidy Turley in San Francisco, Calif. The center, called Scottsdale Horizon, is 95 percent occupied. The plaza, which is anchored by Safeway, was built in 1999.

The nine-building project has addresses of 14676-14858 N. Frank Lloyd Wright Boulevard. Weingarten, a publicly-traded real estate investment trust (REIT), has been developing, purchasing and selling retail properties in the Phoenix market for 20 years.

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