The Summit at Scottsdale acquired for $54.1 million

Phoenix -- DTZ, a leader in commercial real estate services, announced that a limited partnership formed by Weingarten Realty Investors of Houston acquired The Summit at Scottsdale, a 190,408-sq.-ft. retail center anchored by Safeway and Target, for $54.1 million.



Donahue Schriber Realty Group, L.P., of Costa Mesa, California, was the seller of the property located on the southeast corner of Scottsdale Road and Ashler Hills Drive in Scottsdale, Arizona.



DTZ executive managing directors Ryan Schubert and Michael Hackett of Phoenix and Dan Wald of San Francisco brokered the all cash investment sale.



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.