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Whitestone REIT acquires Scottsdale Commons
Transactions - APRIL 11, 2024

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Whitestone REIT acquires Scottsdale Commons

by RELEASED

Whitestone REIT announced the acquisition of Scottsdale Commons in Scottsdale, Ariz. for $22.2 million. Scottsdale Commons sits on the second most trafficked intersection in Scottsdale and acts as a gateway linking North Scottsdale and Paradise Valley. The 69,000-square-foot center is 96.6 percent occupied with 20 tenants, including Rosati’s Chicago Pizza, specialty butcher Rusty Nail Meats, U.S. Egg (winner of Phoenix Magazines 2023 Best Breakfast Award), pet care-service provider Companion Pet Partners, and BevMo, which serve a surrounding community with a three-mile average household income of $138,000.

“Whitestone has the perfect opportunity to leverage our leasing and operations skills in order to drive performance at Scottsdale Commons,” said Christine Mastandrea, COO at Whitestone REIT. “We have a great team and a strong presence in the Scottsdale market. This acquisition is accretive on day one, and we believe our team can add significant additional value.”

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