Scottsdale shopping center sold for $16.1 mil

A Houston-based real-estate investment trust bought a neighborhood shopping center serving Carefree and Scottsdale on Monday for $16.1 million.

Whitestone REIT paid cash for Terravita Marketplace, a 102,733-square-foot center southwest of Scottsdale Road and Carefree Highway.

"Terravita Marketplace fits our community-centered-property business model," said James Mastandarea, Whitestone chairman and CEO.

The center, with 92 percent occupancy, is anchored by a 47,000-square-foot Albertsons grocery store. Other tenants include Walgreens, Bedmart, Wells Fargo bank and the Good Egg restaurant.

Whitestone has been active in the Valley with five property acquisitions totaling 380,000 square feet since September.

The seller was a partnership controlled by Westwood Financial of Los Angeles.

The price was $157 per leasable square foot.

Terravita Marketplace was built in 1997 just north of the Terravita residential community in Scottsdale.

Jan Fincham and Patrick Dempsey of Lee and Associates negotiated the deal.

Whitestone, founded in 1998, has a portfolio of commercial properties in Texas, Arizona and Illinois with about 800 tenants.

by Peter Corbett The Arizona Republic Aug. 8, 2011 05:32 PM




Scottsdale shopping center sold for $16.1 mil