If everyone is thinking alike, then somebody isn’t thinking.
George S. Patton
Scottsdale – After taking a two-year break from adding to its Valley portfolio, Whitestone REIT in Houston, Tex. has invested $72.5 million to buy 241,763 sq. ft. of space in two retail plazas located in Scottsdale.. In the larger of the sales, Whitestone La Mirada LLC paid $38.5 million ($258.78 per foot) to purchase the 151,721-square-foot La Mirada retail center located at the northeast corner of Pinnacle Peak and Pima roads. The tenant roster includes Mastro’s Steakhouse, Walgreen Drug Store and Starbucks. The 15.93-acre property, which was developed in 1996, was 89 percent leased. The center, which includes office users on the rent roll, has an address of 8900 E. Pinnacle Peak Road. In the other sale, Whitestone Seville LLC paid $34 million ($377.60 per foot) to acquire 90,042 sq. ft. of retail space at the northeast corner of Scottsdale Road and Indian Bend roads within the Scottsdale Seville office-retail project. That acquisition did not include the two-story office component. Tenants that occupy the retail space include: Ruth’s Chris Steakhouse, Starbucks, Wildflower Bread Co., Jamba Juice and Rumors Salon. The 9.51-acre retail property, which was developed in 1990 by former Arizona Governor Fife Symington, was 88 percent leased. The five buildings that comprise the retail shops at Scottsdale Seville have an address of 7001 N. Scottsdale Road. The prime location is across the street from a Ritz-Carlton resort and residences that is planned for development. The sellers have retained ownership of the 90,893-square-foot office portion of Scottsdale Seville, which fronts along the McCormick Ranch golf course.
Phoenix Commercial Real Estate and Investment Real Estate: investors and Owner / Users need to really know the market today before making a move in Commercial Properties or Investment Properties in Phoenix / Tucson / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land in Phoenix / Tucson / Arizona. Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties.
I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international. Click here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail firstname.lastname@example.org or call me on my cell 520-975-5207
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
2821 E. Camelback Rd. Suite 600
Phoenix , AZ 85016
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