Scottsdale commercial property sells for $54.1 million

The aerial view of the Summit at Scottsdale

The aerial view of the Summit at Scottsdale

DTZ, a global leader in commercial real estate services, announced on July 7, that a limited partnership formed by Weingarten Realty Investors of Houston purchased The Summit at Scottsdale, a Safeway and Target retail center for $54.1 million.

Donahue Schriber Realty Group, L.P. of Costa Mesa, Calif. was the seller of the 190,408 square foot property located on the northeast corner of Scottsdale Road and Ashler Hills Drive.

DTZ Executive Managing Directors Ryan Schubert and Michael Hackett of Phoenix and Dan Wald of San Francisco brokered the all cash investment sale, according to a press release.

“The Summit is a highly coveted asset,” stated Mr. Schubert in the release, “Donahue Schriber developed this trophy in north Scottsdale and enjoyed the benefits of their work for 15 years. With the addition of Summit, Weingarten has added to an already impressive portfolio in this submarket.”

Developed in 2001, The Summit at Scottsdale is built on 26.2 acres in north Scottsdale, according to the release.

In addition to Target (not a part of sale according to the release) and Safeway, the community center’s tenants include CVS, Office Max, PetSmart, Starbuck’s, Bath and Body Works, Verizon Wireless and Chico’s among others, according to the release.

The Summit was 97 percent leased, with over 80 percent of the tenants national retailers, at the time of sale, stated the release.

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