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SCOTTSDALE, ARIZ. — Houston-based Whitestone REIT (NYSE: WSR) has purchased Scottsdale Commons, a retail center at 7119 E. Shea Blvd. in Scottdale. Trojan Development Associates III LLC sold the asset for $22.2 million. Additional terms of the transaction were not released.
Situated on 6.2 acres, the 69,482-square-foot Scottsdale Commons was 96.6 percent occupied at the time of sale. Current tenants include Rosati’s Chicago Pizza, Rusty Nail Meats, U.S. Egg, Companion Pet Partners, Prep Kitchens, BevMo, Black Rifle Coffee, Mountain View Pharmacy, H&R Block, Green Corner Mediterranean and Habanero’s Restaurant.
Joseph Compagno and Benjamin Farthing of CBRE represented the seller and the buyer in the transaction.