Monday, May 7, 2012

CityScape developer snaps up Borgata

RED Development has added to its recent acquisitions by purchasing the Borgata of Scottsdale shopping center for $9.15 million from Macerich Co.

The Borgata at Scottsdale Road and Rose Lane is a specialty center built in 1981 to resemble the Italian village of San Gimignano. It offers 94,000 square feet of retail space, including the Blanco Tacos and J. Alexander's restaurants and the Dolce Salon and Spa.

"We are very pleased to have acquired this well-situated and high-quality property in Scottsdale, a tremendous market for retail performance," said Mike Ebert, RED managing partner.

RED Development, based in Phoenix, has been actively acquiring property in addition to developing CityScape in downtown Phoenix.

Last month, RED Development and Cole Real Estate Investments teamed up to buy Macerich's 50 percent stake in the Chandler Village Center and Chandler Festival power centers for $45.8 million.

RED also bought the Shops at Prescott Gateway and the Aspen Place at the Sawmill retail center in Flagstaff within the past year.

The Borgata acquisition is part of RED's growth strategy, Ebert said.

"We look forward to working with the unique retailers and restaurants at the property and applying RED's creative approach to the future of the real estate," he said.

The Borgata has vacancies, but RED Development declined to disclose its occupancy rate at the time of the sale. The deal closed earlier this week.

It did not include the nearby Shops at Hilton Village, on the opposite side of Scottsdale Road from the Borgata, which Macerich also manages. Macerich, of Santa Monica, Calif., is the parent company of Westcor, the Valley's largest mall developer and operator. Company executives could not be reached for comment.

by Peter Corbett - May. 4, 2012 04:29 PM The Republic |

CityScape developer snaps up Borgata

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