Cushman & Wakefield announced today that Silverstone Marketplace, a newly constructed grocery-anchored neighborhood shopping center located at the southeast corner of Scottsdale and Pinnacle Roads in Scottsdale, Ariz. sold for $47 million to Chicago-based LaSalle Investment Management. The Seller was RHVT Limited Partnership, a joint venture formed by Arizona-based businessman Larry Van Tuyl and developer Craig Eisenberg of Eisenberg Company in Phoenix.
Cushman & Wakefield Executive Managing Directors Ryan Schubert and Michael Hackett represented the buyer. Ryan Amato and Jason Eisenberg of the Eisenberg Company of Phoenix represented the sellers.
Built in 2015, Silverstone Marketplace contains 78,000 square feet of retail space. Anchored by Sprouts Farmers Market, the neighborhood shopping center is currently 100% occupied by a diverse tenant roster including Einstein Bagels, Verizon, Mattress Firm, 1st Bank, Tenet Urgent Care, Massage Green, Eddie Merlot’s Steakhouse, Firehouse Subs and Pacific Dental. The property spans 12-acres and offers excellent frontage and visibility on Scottsdale Road.
“Silverstone Marketplace was the culmination of many years of site planning, development, leasing and property management by the developers,” according to Amato.
The upscale shopping center serves the affluent neighboring master-planned communities of Grayhawk, Desert Foothills, Boulders, Troon and DC Ranch. Silverstone Marketplace is part of the Silverstone Development, a mixed-use project consisting of office, retail, public library and assisted living.
“Silverstone Marketplace offered LaSalle Investment Management the rare opportunity to acquire a newly developed trophy retail center in the prestigious North Scottsdale area anchored by a top tier Sprouts Farmer’s Market,” added Schubert.