SCOTTSDALE, AZ-Beginning the New Year with a slightly different direction, De Rito Partners Development Inc. has bought its first asset, paying $88 million in an off-market deal for the 1.1-million-sf Scottsdale Pavilions. The company, known for ground-up retail developments, will plow an additional $25 million into upgrading the center, which is nearly 20 years old.

De Rito president Chuck Carlise says there were several compelling reasons for the company to buy the center at 9175 E. Indian Bend Rd. from Ralph and Rob Horlacher of Scottsdale. Foremost, he says the center easily could benefit from redevelopment because it’s 87% leased to credit tenants and is a proven shopping destination.

“This is a successful center. It’s not as though it’s empty and blighted and no one is shopping there,” Carlise explains to GlobeSt.com. “It’s just a matter of focusing on what isn’t present in that submarket and redeveloping it to meet those needs.”

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