(PHOENIX) — Vestar’s former long-time Vice President of Development and Acquisitions has a new company and has acquired his first shopping center.
David Malin, who formed Scottsdale Development Partners, acquired The Shops at Dynamite Creek last week.
Malin closed on the $10.5 million center on Friday. Located at the entrance of the master planned community of Tatum Ranch, the 82,400-square-foot center is currently only 65-percent occupied, making it a prime target for revitalization. The center’s current tenants include ACE Hardware, Honor Health, Tailgaters, The Creek Patio Grill and Dynamite Creek Animal Hospital, among other shops. With 830 to 6,501-square-foot suites available, Scottsdale Development Partners is looking to secure additional tenants and are open to all uses including fitness, restaurant, service and health care.
“When the previous owner put The Shops at Dynamite Creek up for sale, I saw this as a huge opportunity,” said Malin. “You couldn’t ask for a better location. The community is thriving and the property sits right at the entrance to Tatum Ranch serving thousands of residents in Phoenix, Cave Creek and Carefree. The center was built in 1999, and was an immediate success and fully leased for almost 15 years. At some point, the former owners who are out of State stopped paying attention to the shopping center.”
Kevin Tehan and Josh Stone with Columbia National Real Estate Finance represented Scottsdale Development Partners in sourcing the debt with a correspondent life insurance company. A longtime Valley resident, Malin hired Carol Schillne and Cole Schillne from CBRE as the listing brokers and Cindy Winters of Eagle Commercial, also a Tatum Ranch resident, to manage the property.
“From the ownership to the listing brokers to our new property management team, we have assembled one of the best local teams in the Valley to take The Shops at Dynamite Creek to the next level. We plan to continue updating the center and attract a variety of new businesses that will make this community feel proud for many years to come,” said Malin, CEO and Founder of Scottsdale Development Partners.
An Arcadia resident, Malin has been in the shopping center business since 1990. He moved to the Valley in 2002 to lead all the acquisitions for shopping center giant Vestar.
Between 2002 and 2008, Malin developed 500 acres of retail in Arizona including Tempe Marketplace in Tempe (1.3 million sq ft) as well as Lake Pleasant Towne Center in Peoria (800,000 sq ft.), Sundance Towne Center in Buckeye (750,000 sq ft.), Oro Valley Marketplace in Oro Valley (1 million sq ft.) and Canyon Trails Towne Center in Goodyear (900,000 sq ft.).
Between 2009 and 2017 Malin acquired, redeveloped, repositioned, and rebranded over 4 million square feet of shopping centers in Colorado, Texas, and Arizona. Those projects included: Orchard Town Center in Westminster, CO (1 million sq ft), Bowles Crossing in Littleton, CO (450,000 sq ft), Deerbrook Marketplace in Humble, TX (400,000 sq ft), Village on the Parkway in Addison, TX (450,000 sq ft), Desert Ridge Marketplace in Phoenix, AZ (1.2 million sq ft).
While The Shops at Dynamite Creek is Malin’s first acquisition with Scottsdale Development Partners, the Valley businessman has several other planned developments in escrow that range from Phoenix to Flagstaff to Southern California.