Arizona

Evergreen-Development
ArizonaDevelopmentMixed-useNews

Evergreen Development Acquires 11.7 Acres in Mesa, Arizona, Plans Mixed-Use Project

by Abby Cox

Mesa, Ariz. — Evergreen Development has acquired 11.7 acres of land in Mesa, with plans to build a mixed-use project that features multifamily housing and a new retail center. The retail portion of the site is planned to comprise an approximately 8,500-square-foot multi-tenant retail building for restaurant and retail uses, as well as a 2,360-square-foot free-standing Chipotle with a drive thru. The multifamily portion will include 261 apartments across nine three-story buildings. Evergreen plans to break ground on the project in the first quarter of 2027, with lease-up beginning in the …

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Sprouts-HQ-Phoenix-AZ
ArizonaDevelopmentGrocery-anchoredMixed-useNews

Trammell Crow Co. Completes 181,000-Square-Foot Mixed-Use Project in Phoenix

by Abby Cox

Phoenix — Trammell Crow Co. has completed the development of an 8-acre, 181,000-square-foot mixed-used development in Phoenix. Project partners include U.S. Realty Advisors, RSP Architects, Wespac Construction, Keyser and JLL. The development features a 145,000-square-foot office building serving as Sprouts Farmers Market’s corporate headquarters, a 25,000-square-foot flagship Sprouts grocery store and approximately 11,000 square feet of retail space. The grocery store opened to the public on July 24, and the headquarters office building is complete and ready for occupancy. Located within the CityNorth development near 56th Street and Loop 101, the …

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Applebees
ArizonaInvestment salesNews

Marcus & Millichap Arranges $3.5 Million Sale of Single-Tenant Restaurant Property in Metro Phoenix

by Abby Cox

Surprise, Ariz. — Marcus & Millichap has arranged the $3.5 million sale of a single-tenant restaurant property in Surprise, roughly 30 miles northwest of Phoenix. Applebee’s occupies the 5,103-square-foot property. Chris Lind, Mark Ruble and Zack House of Marcus & Millichap represented the seller, a Delaware-based limited liability company, and procured the buyer, a California-based limited liability company, in the all-cash transaction. The buyer plans to hold the property as a long-term investment.

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ArizonaFinanceNewsPower centers

CBRE Arranges $45.8 Million Loan for Refinancing of Scottsdale Towne Center

by Matthew Auchincloss

Scottsdale, Ariz. — CBRE has arranged a $45.8 million loan for the refinancing of Scottsdale Towne Center, a 168,090-square-foot power center located at 15444 N. Frank Lloyd Wright Blvd. in Scottsdale. The center is nearly 100 percent leased and is anchored by TJ Maxx, Ross and Mountainside Fitness and shadow-anchored by Target. Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra and Nick Santangelo of CBRE Capital Markets’ Debt and Structured Finance team secured a five-year, fixed-rate, full-term interest-only loan on behalf of the owner, who acquired the property in 2021. 

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ArizonaDevelopmentNewsRestaurants

Cold Stone Creamery to Open Up to 12 Locations in Michigan Over the Next Four Years

by Abby Cox

Scottsdale, Ariz. — Cold Stone Creamery plans to open between eight and 12 new locations in Michigan over the next four years, building on its existing footprint of 27 stores in the state. A new Cold Stone Creamery location is underway in Plymouth, a suburb of Detroit, and is projected to open this fall. An additional Michigan location has also been awarded to a franchisee and is in the early stages of development, the company said. Kyle Welch, whose ownership group operates four Cold Stone locations in Michigan, said the company …

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ArizonaGrocery-anchoredMixed-useNews

Safeway Opens 64,000-Square-Foot Location at The Gilmore Mixed-Use Development in Metro Phoenix

by Abby Cox

Gilbert, Ariz. — Safeway has opened a 64,000-square-foot location at The Gilmore, a 35-acre mixed-use development by Thompson Thrift in the Phoenix suburb of Gilbert. Safeway will anchor the $225 million project, which is also set to feature 300 luxury apartments, a hotel and roughly 200,000 square feet of boutique shopping, dining and public gathering spaces. Additional tenants will include Better Buzz Coffee, Handel’s Ice Cream, Jersey Mike’s, Nook Kitchen, Over Easy, EDO Japan, Rebel Wine Lounge, Phantom Fox Brewery, Outcast Doughnuts, Level 1 Arcade Bar, Sweathouz and Honey Go Nails. …

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12443-NW-Grand-Ave-El-Mirage-AZ
ArizonaInvestment salesNews

Cushman & Wakefield Brokers $2.4 Million Sale of Single-Tenant Restaurant Property in Metro Phoenix

by Abby Cox

El Mirage, Ariz. — Cushman & Wakefield has brokered the $2.4 million sale of a newly developed restaurant building located at 12443 NW Grand Ave. in El Mirage, roughly 10 miles northwest of downtown Phoenix. Black Rock Store Operations LLC occupies the 620-square-foot building. The coffee bar operates 181 locations across seven states and offers specialty coffee, energy drinks, breakfast sandwiches, bagels, egg bites and grab-and-go pastries. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented the seller in the deal. Both parties were limited liability companies.

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Grand-Village-Center-Surprise-AZ
ArizonaInvestment salesNews

Phoenix Commercial Advisors Arranges $10.7 Million Sale of Retail Center in Surprise, Arizona

by Abby Cox

Surprise, Ariz. — Phoenix Commercial Advisors has arranged the $10.7 million sale of Grand Village Center, a 52,685-square-foot retail property located in Surprise, roughly 30 miles northwest of Phoenix. The center traded for $203 per square foot. John Schweikert and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the deal. Built in 2005, Grand Village Center was 97 percent leased at the time of sale to a mix of tenants including Master Taco, Hungry Howie’s Pizza, Church for the Nations and Zona Communications. Elevate Trampoline Park anchors …

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Destination-at-Gateway
ArizonaDevelopmentNewsPower centers

Diversified Partners Advances 163-Acre Power Center Development in Mesa, Arizona

by Abby Cox

Mesa, Ariz. — Diversified Partners is advancing the development of Destination at Gateway, a 163-acre power center located at Signal Butte Road in Mesa. The project will include two components: 24 Auto Row, an 80-acre, purpose-built auto mall, and an adjacent power center. Off-site improvements on the east side of Signal Butte Road have been completed, while site work on the west side is underway and is scheduled to be completed by the third quarter of 2026. Current and planned tenants for the project’s power center include Walmart, 7 Brew, Take …

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Mesa-Grand-Shopping-Center
ArizonaInvestment salesNewsPower centers

Gantry Secures $38 Million in Refinancing for 224,000-Square-Foot Power Center in Metro Phoenix

by Abby Cox

Mesa, Ariz. — Gantry has secured a $38 million permanent loan to refinance maturing debt for Mesa Grand, a 224,000-square-foot regional power center located in Mesa, roughly 19 miles east of Phoenix. Tenants at the center include Famous Footwear, Burlington Coat Factory, Michaels, Dollar Tree, Texas Roadhouse, Starbucks Coffee, Chili’s and Crunch Fitness, which will open soon. Tim Storey, Chad Metzger and Andrew Christopherson of Gantry represented the borrower, a private real estate investor. An institutional balance sheet lender provided the five-year, fixed rate loan, which features full-term interest-only payments with …

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