LaSalle Pays Record-Breaking $47M for Scottsdale Retail

LaSalle Investment Management, headquartered in Chicago, paid $47 million to RHVT LP for ownership rights of Silverstone Marketplace in Scottsdale, AZ. The deal for the 78,094-square-foot center at 23271 N. Scottsdale Rd. is the highest price per square foot ($601.84 per square foot) paid for a retail property in the Phoenix market.

The buyer was represented by Ryan Schubert and Michael Hackett of Cushman & Wakefield in Phoenix. Jason Eisenberg and Ryan Amato of Eisenberg Co. represented the seller.

The 12-acre center is situated in a 160-acre parcel that was once the Rawhide western town theme park. In 2004, businessman Larry Van Tuyl paid $46 million to buy the former entertainment center, which is now a mixed use development.

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