A Phoenix company plunked down $88 million to purchase Scottsdale Pavilions retail center near Loop 101 and Indian Bend Road. The deal closed Friday.

De Rito Partners plans to invest $25 million in renovations and add another 150,000 square feet of retail space with an eye toward enhancing the center's drawing power in an increasingly competitive Scottsdale-Tempe marketplace.

"This purchase represents a tremendous opportunity to redevelop the existing center into a vibrant gathering place for the community that will positively impact the surrounding area," said Marty De Rito, CEO of De Rito Partners Development, in a news release.

The sellers were Spire North LLC and Spire South LLC, both based in Scottsdale.