December 18, 2024 9:43 am
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Weingarten spends $54.1 million for North Scottsdale retail center

North Scottsdale

By Business Real Estate Weekly

North ScottsdaleA limited partnership formed by Weingarten Realty Investors in Houston, Tex. (NYSE:WRI, Stanford Alexander, chairman) paid $54.1 million ($284.13 per foot) to buy a 190,408-square-foot retail shopping center located at the northeast corner of Scottsdale Road and Ashler Hills Drive in Scottsdale. The seller was Donahue Schriber Realty Group L.P. in Costa Mesa, Calif. (Patrick Donahue, CEO). The deal was brokered by Ryan Schubert and Michael Hackett of DTZ in Phoenix. Maricopa County records show WRI Summit REIT LP acquired the property in a cash sale. The retail center, called The Summit at Scottsdale, is 97 percent occupied. Tenants include Safeway, CVS Pharmacy, PetSmart, OfficeMax and Starbucks.

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