La Mirada

October 4, 2016 Comments Off on Houston REIT Pays $72M for Scottsdale Retail Views: 273 Arizona, Houston-Galveston, National News, Southwest, Texas, Texas News

Houston REIT Pays $72M for Scottsdale Retail

Whitestone REIT, headquartered in Houston, reportedly paid $72.5 million to acquire two retail plazas in Scottsdale, AZ. The buyer acquired the 151,721-square-foot La Mirada for $38.5 million, and paid $34 million for 90,042 square feet of retail space within the Scottsdale Seville mixed-use development. The seller in both transactions were companies and investors headed by the Matteson Cos., located in San Mateo, CA.

La Mirada, at 8900 E. Pinnacle Peak Rd., was 89% occupied, with tenants including Mastro’s Steakhouse, Walgreen Drug Store and Starbucks. Meanwhile, occupants at the Scottsdale Seville retail include Ruth’s Chris Steakhouse, Wildflower Bread Co., Jamba Juice and Rumors Salon. The retail shops have an address of 7001 N. Scottsdale Rd., and are 88% occupied.

The REIT now owns 2.2 million square feet across 27 retail properties in the Phoenix area.

Read More at Business Real Estate Weekly

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