PHOENIX—A Dallas-based private real estate fund advised by Crow Holdings Capital–Real Estate sold Scottsdale Horizon Shopping Center, a 154,766-square-foot neighborhood shopping center located at 14850 N. Frank Lloyd Wright Blvd. in Scottsdale. Weingarten Nostat, Inc. purchased the property for $42.65 million.
DTZ executive managing directors Dan Wald, Michael Hackett and Ryan Schubert represented CHC–Real Estate during the transaction.
Hackett tells GlobeSt.com, “This is an extremely unique asset, being at the intersection of three major streets. The local traffic is dense and it benefits from an employment hub—Scottsdale Airpark. It's a great piece of real estate. The Phoenix market doesn't have many assets that fit these criteria—it checked all the boxes.”
“Scottsdale Horizon is located in one of the most affluent and dense trade areas in the Valley, servicing the residents of North Scottsdale and the Scottsdale Airpark, the second largest employment corridor in the metro region,” says Schubert. “It was an extremely desirable asset with a solid tenancy of high-quality, national and regional retailers.”
Located in North Scottsdale at the convergence of Frank Lloyd Wright Boulevard, Thompson Peak Parkway and Raintree Drive, Scottsdale Horizon is anchored by a high-volume Safeway Food and Drug and CVS/pharmacy, both which pay ground rent under ground lease agreements. Built in 1997, Scottsdale Horizon was 95% leased at the time of sale. In addition to Safeway and CVS, Scottsdale Horizon tenants include Chase Bank, H&R Block, Supercuts, Jack in the Box, Massage Envy and Leslie's Pools.
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