Crow Holdings Buys N. Scottsdale Center for $38M
- Aug 06, 2012
Dallas-based Crow Holdings Capital Partners L.L.C has acquired Scottsdale Horizon, a 154,766-square-foot neighborhood retail center, in an all-cash transaction valued at $38 million.
The buyer is a separate fund of Crow Holdings, a private wealth management entity affiliated with the estate of the late Trammell Crow, according to the Phoenix Business Journal. For Crow Holdings, the acquisition is the first in the Valley. The seller was Hart Realty Advisers, an investment management firm based in Simsbury, Conn.
Located in North Scottsdale, the 13-year-old center is anchored by brands like Safeway, Bank of America, Chase and CVS. Scottsdale Horizon was 95 percent leased at the time of the sale. Cassidy Turley BRE Commercial represented the seller. Torrey Briegel and Cameron Warren of Phoenix Commercial Advisors assisted on the deal and will retain the leasing assignment for the property.
Buoyed by one of the nation’s top-performing job markets, metropolitan Phoenix’s retail market is expected to strengthen further in 2012, according to projections by Marcus & Millichap Real Estate Investment Services Inc. By the end of the year, vacancy in the area will decline to 11.2 percent, a 70 basis-point improvement compared to 2011. That would mark an even bigger uptick in occupancy from last year, when vacancy declined 30 basis points.
Photo courtesy of Weingarten Realty
Chart courtesy of Marcus & Millichap Real Estate Investment Services Inc.