Sunday, June 24, 2012

RED buys, willupgrade Scottsdale retail site - USATODAY.com

RED Development has added Hilton Village in Scottsdale to its growing portfolio of Arizona retail properties.

RED bought the 10.8-acre shopping center northeast of Scottsdale Road and McDonald Drive from Westcor for $24.8 million.

"It's hard to find good Scottsdale Road properties, ones that have a good past and an even better future," said Mike Ebert, RED managing partner.

The 97,000-square-foot Hilton Village shopping center is the latest of eight retail properties that RED has bought outright or a share of in the past year, including Town and Country, Chandler Festival, Aspen Place in Flagstaff and the Shops at Prescott Gateway.

RED bought the Borgata of Scottsdale from Westcor a month ago for $9.15 million. The faux Italian village is just west of Hilton Village.

RED, with headquarters in Phoenix and Kansas City, Mo., plans to renovate Hilton Village this fall and bring in some additional national and local tenants, Ebert said. Occupancy stands at 90 percent.

Existing tenants include Houston's, Humble Pie, Blue Wasabi and Starbucks.

RED, which is developing CityScape in downtown Phoenix, has turned to acquisitions since its development business has slowed down, Ebert said.

Hilton Village was one of Westcor's last non-mall assets in the Valley, he said. The deal closed last month.

Westcor is a division of Macerich, of Santa Monica, Calif.

By Peter Corbett, The Republic|azcentral.comPosted Jun 10, 2012



RED buys, will upgrade Scottsdale retail site - USATODAY.com

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