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Scottsdale Developer Doubles Investment in Phoenix Retail Center

By April 14, 2022November 14th, 2022No Comments

By Angela Gonzales | Phoenix Business Journal

Shops at Dynamite Creek.jpg

After a $1.5M renovation and boosting occupancy to nearly 100%, The Shops at Dynamite Creek sold.

After paying $10.5 million for a shopping center in August 2020, David Malin has sold it for $21.95 million.

During the 18 months that he owned The Shops at Dynamite Creek at the northwest corner of Tatum and Dynamite boulevards in Phoenix, the president of Scottsdale Development Partners raised occupancy from 69% to 96% by the time he sold it, bringing on eight tenants.

“When I bought it, it was in disrepair,” Malin said. “My seller had not signed a new lease with a new tenant for four years.”

He invested $1.5 million to renovate the center and brought on eight tenants, including Loco J’s Tacos and Tequilas, OrthoArizona, REMAX, F45, J Ride Bikes, Dynamite Beer Co. and Fred Astaire Dance Studios.

Finding the right tenant mix is crucial, he said.

“The tenants that we pursued are the ones we believe will be very successful in today’s retail climate,” he said. “Experiential is the key word. We don’t just put a mirror to a tenant and if they blow, they fog up the mirror and we automatically sign a lease with them. We sit down with them and talk about their business plan, their experience and their goals. We screen them.”

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