Sprouts-Anchored Scottsdale Shopping Center Goes For $47M
Silverstone Marketplace, a neighborhood shopping center completed last year, has been picked up by LaSalle Investment Management for $47M. Anchored by Sprouts Farmers Market, Silverstone Marketplace serves the affluent neighboring master planned communities of Grayhawk, Desert Foothills, Boulders, Troon and DC Ranch in Scottsdale.
“Silverstone Marketplace offered LaSalle Investment Management the rare opportunity to acquire a newly developed trophy retail center in the prestigious North Scottsdale area,” says Cushman & Wakefield managing director Ryan Schubert, who repped the seller, a JV formed by Larry Van Tuyl and Craig Eisenberg, together with Michael Hackett.
The center’s 78k SF is completely occupied. Other tenants include Einstein Bros Bagels, Verizon Wireless and Mattress Firm. On 12 acres on Scottsdale Road, Silverstone Marketplace is part of the Silverstone Development, which incorporates office and retail space along with a public library and an assisted living facility.