DTZ, a global leader in commercial real estate services, announced today that a limited partnership formed by Weingarten Realty Investors of Houston (NYSE: WRI) purchased The Summit at Scottsdale, a Safeway and Target (NAP)-anchored retail center for $54.1 million. Donahue Schriber Realty Group, L.P. of Costa Mesa, Cal. was the seller of the ±190,408 square foot property located on the northeast corner of Scottsdale Road and Ashler Hills Drive in Scottsdale, Ariz.
DTZ Executive Managing Directors Ryan Schubert and Michael Hackett of Phoenix and Dan Wald of San Francisco brokered the all cash investment sale.
“The Summit is a highly coveted asset,” according to Mr. Schubert “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. In addition to Target (not a part of sale) and Safeway, the community center’s tenants include CVS, Office Max, PetSmart, Starbuck’s, Bath & Body Works, Verizon Wireless and Chico’s, among others. The Summit was 97% leased, with over 80% of the tenants national retailers, at the time of sale.