First Washington Realty Acquires Scottsdale Retail Center

The shopping center, located on North Scottsdale Road, last changed hands in 2005, for $73 million.
The Shops at Gainey Village. Image via Google Street View

First Washington Realty acquired The Shops at Gainey Village, a 138,444-square-foot retail center in Scottsdale, Ariz. The asset is anchored by a new Sprouts Farmers Market. The shopping center last changed hands in 2005, when it was acquired by Principal Life Insurance and Madison Marquette Retail Services. According to Maricopa County records, the sale price was $73 million.

Located at 8777 N. Scottsdale Road, the property is adjacent to Sonesta Suites Scottsdale Gainey Ranch and Gainey Village Health Club & Spa. Gainey Ranch Golf Club is within walking distance of the asset. Downtown Phoenix is 15 miles from The Shops. Other tenants at the center include Panera Bread, Pei Wei, Oliver Smith Jeweler, Bryn Walker, Village Tavern, The Coffee Bean & Tea Leaf, Luna Gelateria and Famous 48.

In July, First Washington Realty expanded its D.C. footprint by 800,000 square feet, in a single transaction. The firm acquired a five-property shopping center portfolio from Washington Real Estate Investment Trust, for $485 million.