Scottsdale Development Partners is proud to announce the sale of The Shops at Dynamite Creek for $21,950,000.
Valley-based Scottsdale Development Partners purchased the 69,755-square-foot-center in August of 2020 during the pandemic when it was 69-percent occupied.
During the 18-month-ownership, and under the direction of David Malin, the center underwent a massive renovation and brought in new tenants and raised occupancy to 96-percent.
Malin started with a assembling a team of “best-in-class” consultants and vendors and he over saw, managed, and executed a $1.5-million renovation of the shopping center.
Scottsdale Development Parthers also signed 8 new tenant leases during that time frame. Among the center’s new tenants; Loco J’s Tacos and Tequilas (4,000 sqft.), a full-service sit-down Mexican restaurant and bar, OrthoArizona (4,000 sqft.), a physical therapy facility and REMAX, a residential real estate office (2,000 sqft.). Other tenants Malin procured were F45, J Ride Bikes, Dynamite Beer Company and Fred Astaire Dance Studios. The prior owner of the shopping center had not signed a lease with a new tenant in more than 4 years.
Some of the center’s other current tenants include ACE Hardware, Honor Health, Tailgaters, The Creek Patio Grill and Dynamite Creek Animal Hospital.
Malin and his team transformed the center into a thriving community gathering space for the neighborhood and increased the velocity of business in the center during that time which resulted in new records for shoppers visiting the center.
“When we purchased the center it had out-of-state ownership, and out-of-state property management and was being poorly managed and not leased properly,” said David Maline, President of Scottsdale Development Partners. “We are proud to sell it today, 18-months later almost fully leased and that now offers more shops and restaurants in a brand-new renovated-state-of-art shopping center. We know this is a center the neighbors and the community can be proud to visit for many years to come.”
Scottsdale Development Partners is currently involved in other “value-add” redevelopments of shopping centers in the Phoenix market and is actively looking for more opportunities. The company specializes in fixing broken shopping centers with a mission statement that’s focused on making sure every retail property achieves its maximum potential.