Investors Grab Prized Phoenix Retail
Retail's bifurcated these days, and investors are eager to find properties on the winning side of that divide—such as the 190k SF The Summit at Scottsdale, which traded recently for more than $54M.
Donahue Schriber Realty Group of Costa Mesa, CA, sold the property to Weingarten Realty Investors of Houston. "It's a highly coveted asset,” DTZ executive managing director Ryan Schubert tells us, with the property 97% leased, and over 80% of the tenants national retailers, at the time of sale. Ryan's snapped with colleague Michael Hackett; the two, along with Dan Wald of the San Francisco office, brokered the all-cash sale.
Developed in 2001 by Donahue Schriber, The Summit at Scottsdale is built on 26-plus acres. In addition to Target (not a part of sale) and Safeway, the community center’s tenants include CVS, Office Max, PetSmart, Starbuck’s, Bath & Body Works, Verizon Wireless and Chico’s, among others.
Another winning part of the Phoenix market for retail is the Cure Corridor. Arizona Partners recently acquired 8989 East Via Linda from Village of Via Linda LLC of Los Angeles in a deal brokered by Colliers International of Greater Arizona's Mike Milic and Tyler Bush, who repped the seller. Mike characterizes the property as in "a mature and growing retail, office and residential area." The property's also south of the Honor Health Scottsdale Shea Medical Center (formerly Scottsdale Healthcare).