Scottsdale - A company formed by Weingarten Realty Inc. of Houston, TX (NYSE:WRI) paid $42.65 million ($276 PSF) for Scottsdale Horizon, 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 Scottsdale Horizon (built 1999) is anchored by a Safeway and was 95% occupied at time of sale. The nine-buildings have addresses of 14676-14858 N. Frank Lloyd Wright Boulevard in Scottsdale.
The seller was CH Realty V/Scottsdale LLC, formed by Crow Holdings Capital Partners LLC of Dallas, TX. Maricopa County records show Weingarten acquired the property in an all cash transaction.
Weingarten, a publicly-traded real estate investment trust (REIT), has been developing, purchasing and selling retail properties in the Phoenix market for 20 years.
Weingarten develops and buys well-anchored neighborhood and community centers located in select markets across the U.S. The company has ownership interest in 47.4 million sq. ft. of retail space in 251 properties located in 21 states and is looking for more retail acquisitions and development opportunities in Arizona; the company has also been active in Tucson.
Michael Hackett and Ryan Schubert of Cassidy Turley in Phoenix, and Dan Wald of Cassidy Turley in San Francisco handled the transaction.
To learn more contact Tim Franks or Chris Byrd with Weingarten in Phoenix at (602) 263-1166. Schubert and Hackett at Cassidy Turley can be reached at (602) 954-9000 and Wald is at (415) 677-0461.