SCOTTSDALE, AZ-Stockbridge Capital Group LLC has made its first acquisition in the Phoenix metro area, paying $16.5 million for DC Ranch Crossing, a grocery-anchored center located within the prestigious master-planned community of DC Ranch. The San Francisco-based investor beat out 21 other potential buyers to gain control of the 68,113-square-foot, class A property, which also includes a vacant pad and an additional 2.35-acre parcel.

“Stockbridge Capital’s leadership is comprised of former RREEF principals, and Phoenix was a natural place for them to expand as they moved beyond the West Coast since RREEF has been active in the Phoenix marketplace for years,” says Glenn Smigiel in CBRE’s Phoenix office. “The firm is definitely looking at other acquisitions here.” He represented the seller in the deal, along with Bob Young, Steve Brabant and Rick Abraham, also located in CBRE’s Phoenix office.

DC Ranch Crossing, which was developed and sold by an affiliate of local developer, DMB Associates, is located on the southeast corner of Pima Road and Legacy Boulevard. “It’s the very first retail center that people see as they come off Loop 101 to go into North Scottsdale,” Smigiel says, adding that the average household income within a one-mile radius of the center is $171,000. “In the long-term, the location and the center are just going to get better and better.”