McDowell Mountain Ranch Business News **Desert Canyon Shopping Center SOLD** Scottsdale
I live up here in McDowell Mountain Ranch and have been disappointed for years over the Desert Canyon Shopping Center. The rents were too high to attract enough tenants and the businesses need to build from each others traffic to be successful.
Now that there is a new owner, hopefully it is at a much lower price point. I just checked and the county had it valued at $13 million, I don’t know what they had paid. Regardless,if they lower the rents, then they can attract more tenants and the center will prosper. I have been talking to a business owner that wants to move his business to this center for about 6 months now. He has been waiting for this to go through and to negotiate a reasonable lease. This is good for McDowell Mountain Ranch
2 comments by Max Jarman – Apr. 18, 2011 03:22 PM
The Arizona Republic
Whitestone REIT paid $3.65 million for the 62,500-square-foot Desert Canyon shopping Center in the McDowell Mountain Ranch community in north Scottsdale.The center, which is 65 percent occupied, was purchased out of foreclosure from a regional bank that was not named.
It was the third off-market acquisition made in the Phoenix area by Whitestone since September. Earlier, the Houston REIT acquired The Citadel shopping center in Scottsdale for $2.2 million and the Sunnyslope Village Center in Phoenix for $6.4 million.