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SCOTTSDALE, ARIZ. — Whitestone REIT has purchased the 62,533-square-foot Desert Canyon Shopping Center, located at the intersection of East McDowell Mountain Ranch Road and 105th Street in northern Scottsdale, for $3.65 million. The retail property was bought out of foreclosure from a regional bank in an all-cash transaction. Situated within the 3,200-acre McDowell Mountain Ranch master-planned community, Desert Canyon Shopping Center was 65 percent occupied at the time of sale.