SCOTTSDALE, AZ-Younan Properties Inc. has acquired the 137,552-square-foot Scottsdale Promenade from CW Capital. With this buy, the Southern California commercial real estate company re-enters the Phoenix market as it moves its strategy to lifestyle types of retail centers.

“This was a unique opportunity to expand our footprint in the recovering Phoenix market by acquiring an institutional quality asset with significant upside potential," says Zaya Younan, chairman and CEO of Younan Properties in a press release. "We feel this is a particularly good time to expand our portfolio into the lifestyle retail sector and we are prepared to execute several more transactions before year end."

According to a press release issued by Younan Properties, plans are to aggressively lease to grow occupancy. To that end, the company has retained Cassidy Turley's Ryan Leavitt  for that purpose. The property at  the intersection of East Shea Boulevard and North Scottsdale Road has five, two-story buildings and one-single-story building.

"There were numerous buyers interested in acquiring this asset, but the seller chose Younan because it wanted a reliable, experienced buyer with an established reputation for closing," says seller representative Jordan Cortez, managing director at Rockwood Real Estate Advisors in a press release. "This was a smooth transaction and an on-time closing without any surprises. Sellers always prefer this type of buyer."

Representatives involved in the transaction were not immediately available for comment.