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4/11/24
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Houston-based Whitestone REIT has purchased Scottsdale Commons, a Class A, 69.5k sf shopping center in Scottsdale, AZ, for $22.15 mil ($319/sf). The asset was sold by Trojan Development Associates III LLC, and Whitestone REIT.
Situated on 6.21 acres at 7119 E. Shea Blvd, Scottsdale Commons is anchored by BevMo and Prep Kitchens. The property was 95% occupied at the time of the sale to tenants including Black Rifle Coffee, Mountain View Pharmacy, Rosati’s Pizza, H&R Block, Rusty Nail Butcher, Green Corner Mediterranean, U.S. Egg and Habanero’s Restaurants.
Scottsdale Commons is surrounded by several of Scottsdale’s largest employers. It is less than two miles from the HonorHealth Scottsdale Shea Medical Center and approximately three miles from the Scottsdale Airport. The Scottsdale Rd and Shea Blvd intersection has an average daily traffic count of 107,557 vehicles per day. There are 334,392 households within a 10-mile radius of the property and an above-average household income of $179,144 in a three-mile radius.
Joseph Compagno and Benjamin Farthing with CBRE represented the seller in the transaction.
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