HOUSTON-Performance confidence combined with knowledge fromanother 2011 transaction has prompted Los Angeles-BasedWestwood Financial to sell the 113,108-square-footPinnacle at Scottsdale shopping center toWhitestone REIT. The REIT, which continues to makeinroads into the Phoenix metro area, paid $28.8 million for the91%-occupied, class A retail center.

The Pinnacle at Scottsdale deal is Whitestone REIT’s second fromWestwood Financial; last August, Whitestone bought the102,733-square-foot Terravita Marketplace fromWestwood.

It was that experience, explains Lee & Associates’Jan Fincham, that allowed Whitestone to beat out the nineother offers received for Pinnacle at Scottsdale. “The sellerhad a lot of confidence in the buyer’s performance, and the buyerperformed exactly as promised,” says Fincham, who partnered withcolleague Patrick Dempsey to close the deal. “Igive Whitestone kudos – they were very professional and dideverything they promised.”

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