The newly-constructed Scottsdale neighborhood shopping center, Silverstone Marketplace, recently sold for $47 million. The seller was RHVT Limited Partnership, a joint venture formed by Arizona businessman Larry Van Tuyl and Craig Eisenberg, President of the commercial real estate company Eisenberg Company located in Phoenix.
Located at the southeast corner of Scottsdale Road and Pinnacle Peak Road, Silverstone Market place is anchored by the nationally recognized health-conscious grocery store Sprouts Farmers Market. The 78,000 square foot shopping center is leased to various other tenants including Verizon, Einstein Bagels, 1st Bank, Mattress Firm, Tenet Urgent Care, Massage Green, Eddie Merlot’s Steakhouse, Pacific Dental and Firehouse Subs. The shopping center is located next to Arizona’s second-largest employment center, Scottsdale Airpark as well as several affluent communities.
Silverstone Marketplace was purchased by JLL Income Property Trust, a daily valued perpetual life real estate investment trust. Regarding the purchase of the retail center, President and CEO of JLL Income Property Trust Allan Swaringen said “This acquisition reflects our strategy to increase our portfolio’s allocation to high-quality, grocery-anchored centers in top nationally ranked retail markets. Scottsdale’s high discretionary income coupled with a growing population and with Sprouts’ flagship store as our anchor, the property successfully caters to the demographic found in North Scottsdale.” Swaringen went on to say “This is our seventh acquisition in the grocery-anchored retail format all in targeted retail locations rated in the top-quartile of LaSalle’s proprietary ranking of more than 40,000 grocery-anchored shopping centers. LaSalle’s ranking grades shopping centers based upon their surrounding population density, household income, and trade area competition. Highly rated centers like Silverstone Marketplace trigger a strong buy signal for us.”