Arizona

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ArizonaInvestment salesNews

Marcus & Millichap Brokers $9.7 Million Sale-Leasebacks of Two Car Wash Properties in Arizona

by Abby Cox

Tucson and Glendale, Ariz. — Marcus & Millichap has negotiated the sales of two single-tenant Super Star Car Wash properties in Tucson and Glendale for a combined $9.7 million. Super Star Car Wash sold the assets to two separate buyers. The Tucson property, located at 8690 E. Golf Links Road, sold for $4.7 million. Built in 2024, the 4,226-square-foot car wash sits on approximately 1.2 acres. The Glendale property, located at 5131 W. Olive Ave., sold for $5 million. Completed in 2025, the 4,620-square-foot asset occupies approximately 1.1 acres. Founded in …

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ArizonaDevelopmentGrocery-anchoredInvestment salesNews

SimonCRE Acquires 10 Acres to Develop Prasada East Retail Project in Surprise, Arizona

by Abby Cox

Surprise, Ariz. — SimonCRE has acquired approximately 10 acres of land to develop Prasada East, a 98,000-square-foot open-air center located in Surprise, about 30 miles northwest of Phoenix. SimonCRE plans to break ground on the project later this spring. Prasada East will complement the existing Village at Prasada and Prasada North developments, which comprise more than 1 million square feet. The initial phase of Prasada East will feature a new 35,100-square-foot Whole Foods Market as the property’s anchor, as well as additional box spaces, multiple restaurant pads and shop space. Additional …

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ArizonaColoradoInvestment salesNevadaNewsNorth Carolina

CenterSquare Acquires Four Centers

by Abby Cox

Conshohocken, Pa. — Conshohocken, Pennsylvania-based CenterSquare Investment Management has acquired four shopping centers in four states. The portfolio includes Trade Court Shoppes Add-On, a fully leased, 14,721-square-foot retail center in Charlotte, North Carolina; Deer Valley Shoppes, a 17,000-square-foot retail strip center in Phoenix; Lake Mead Gateway Plaza, a fully leased, 19,671-square-foot shopping center in Henderson, Nevada; and The Shops at Foothills Mall, a 111,220-square-foot retail center in Fort Collins, Colorado. Together, the shopping centers span more than 162,000 square feet and were 93 percent occupied at the time of sale.

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ArizonaLeasingMixed-useNews

Mill Creek Residential Signs Leases with Seven New Tenants at Modera Higley Commons in Gilbert, Arizona

by Abby Cox

Gilbert, Ariz. — Mill Creek Residential has signed seven new leases totaling 16,650 square feet at Modera Higley Commons, a mixed-use apartment community located in Gilbert, a suburb of Phoenix. Tenants will include The Mick Brasserie, California Closets, Pvolve, Zara Nail Bar, Playa Bowls, Bodybar Pilates and GoodVets. Roughly 85 percent of the retail space is now occupied. Modera Higley Commons features 19,602 square feet of ground-floor retail space, along with 276 apartments.

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ArizonaDevelopmentInvestment salesNews

Legacy Purchases Development Site in Southern Arizona, Begins Construction on Retail Center

by Abby Cox

Maricopa, Ariz. — Legacy Development Partners has purchased a development site for a planned, ground-up retail center located in Maricopa. Construction on the property is expected to begin immediately. Dubbed Legacy on Porter, the 6.6-acre project will deliver more than 45,000 square feet of retail, restaurant and service-oriented space. Confirmed tenants include Goodwill, Chipotle Mexican Grill, Jersey Mike’s Subs, HTeaO, Orlie’s Taproom and Swig. Leasing negotiations for the remaining shop space and pad sites are ongoing.

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Chop-Shop
ArizonaInvestment salesNews

Marcus & Millichap Brokers Sale of 2,847-Square-Foot Single-Tenant Restaurant Property in Phoenix

by Abby Cox

Phoenix — Marcus & Millichap has brokered the sale of a single-tenant restaurant property located at 2817 North 7th St. in Phoenix. Built in 1969, the 2,847-square-foot drive-thru building is occupied by Original Chop Shop, a Scottsdale-based fast-casual eatery with 27 locations across Arizona, Texas and Georgia. The restaurant will remain in operation following the sale. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, a California-based investor, in the transaction.

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ArizonaLeasingNews

Seven New Tenants to Open at Verrado Marketplace in Metro Phoenix

by Abby Cox

Buckeye, Ariz. — Seven new tenants will open this month at Verrado Marketplace, a 500,000-square-foot shopping center development located in Buckeye, approximately 35 miles outside Phoenix. The first wave of tenants includes Buckle, Ulta Beauty, Target, Bath & Body Works, Famous Footwear, Marshalls and HomeGoods. Target, which spans 148,000 square feet, will be the first anchor tenant to open at Verrado Marketplace on May 17. The next wave of tenants will debut in June, including Einstein Bros. Bagels, Elite Shutters & Blinds, Great Clips, Pacific Dental Services, NextCare Urgent Care, Paramount …

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ArizonaInvestment salesNews

Phoenix Commercial Advisors Negotiates $13.5 Million Sale of Pecan Plaza Shops in Queen Creek, Arizona

by Abby Cox

Queen Creek, Ariz. — Phoenix Commercial Advisors has negotiated the $13.5 million sale of Pecan Plaza Shops, an entertainment and fitness shadow-anchored multi-tenant retail center located in Queen Creek, approximately 45 miles southeast of Phoenix. Built in 2022, the 20,325-square-foot property was fully leased at the time of sale. John Schweikert and Chad Tiedeman of Phoenix Commercial Advisors represented the seller. The sale of Pecan Plaza Shops marks the final piece of the center sold as part of the seller’s breakup strategy, which was executed in full by Phoenix Commercial …

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ArizonaDevelopmentNews

Aardex Completes Renovation of Historic Adaptive Reuse Development in Phoenix 

by Abby Cox

Phoenix — Denver-based development firm Aardex has completed the renovation of One West Madison, a historic adaptive reuse project located in downtown Phoenix. The 27,000-square-foot building has been transformed into move-in ready retail space. Constructed more than a century ago, One West Madison was acquired by Aardex in 2022. The development includes approximately 13,500 square feet of ground floor retail space, along with an activated basement level. The basement level will introduce The Vault on Madison, a climate-controlled self-storage concept, which is anticipated to open May 1. Additional basement space remains …

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ArizonaDevelopmentNews

Smalls Sliders Signs 15-Unit Franchise Agreement in Phoenix

by Abby Cox

Phoenix — Atlanta-based cheeseburger concept Smalls Sliders has signed a franchise agreement to develop 15 new units — dubbed Cans — in Phoenix. Entrepreneurs Talha and Rehman Ahmed, alongside their three business partners, will own and operate the restaurants. The group now maintains a portfolio of 20 Cans, with the first of their locations expected to open in Tucson, Arizona, later this year. In addition to development agreements in Arizona, the group is also debuting Cans in Las Vegas; El Paso, Texas; and Midland/Odessa, Texas.  Founded in 2019, Smalls Sliders currently …

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