David Malin is no stranger to retail real estate. He was vice president of development and acquisitions at Vestar, a company nationally recognized as a leader in the acquisition, management and development of retail real estate.
He is now CEO and founder of Scottsdale Development Partners and has acquired his first shopping center, The Shops at Dynamite.
David closed on the $10.5 million center on July 31. 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 healthcare.
“When the previous owner put The Shops at Dynamite Creek up for sale, I saw this as a huge opportunity,” says David. “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, David 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,” says David.
An Arcadia resident, David 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, David developed 500 acres of retail in Arizona including Tempe Marketplace in Tempe, Lake Pleasant Towne Center in Peoria, Sundance Towne Center in Buckeye, Oro Valley Marketplace in Oro Valley and Canyon Trails Towne Center in Goodyear.
Between 2009 and 2017 David acquired, redeveloped, repositioned and rebranded more than 4 million square feet of shopping centers in Colorado, Texas and Arizona.
While The Shops at Dynamite Creek is David’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.
Scottsdale Development Partners is located at 3821 E Devonshire Ave. in Phoenix. To reach SDP please call 480-244-7070 or visit sdpretail.com.