Mesa, Ariz. — Flying Horse Investments (FHI) has acquired Fiesta Palms Shopping Center, a 56,630-square-foot retail center located in Mesa, roughly 20 miles outside Phoenix. A specialty grocer anchors the property, which was 83 percent leased at the time of sale. 1st Century Bank, a division of MidFirst Bank, provided acquisition financing, and Justin Weissman of 1st Century Bank arranged the bridge loan on behalf of the buyer. A local family was the seller. FHI plans to collaborate with Pegasus Capital Markets to secure permanent financing for the property.
Oak Brook, III. — Pine Tree has received a $247 million loan from New York Life Real Estate Investors for portfolio of six shopping centers located in Florida, Arizona, Oregon and Ohio. Pine Tree acquired the properties earlier this year in partnership with an undisclosed state pension fund for $495 million. The centers include The Fountains in Plantation, Florida (430,000 square feet); Arrowhead Crossing in Phoenix (362,000 square feet); Easton Market (501,000 square feet) and Polaris Towne Center (459,000 square feet) in Columbus, Ohio; Kenwood Square in Cincinnati (424,000 square feet); and Tanasbourne Town Center in Hillsboro, Oregon (300,000 square feet). Tenants at the centers, which were 95 percent leased at the time of financing, include Nordstrom Rack, Ulta Beauty, Target, Dick’s Sporting …
Phoenix and Bedminster, N.J. — Longpoint Partners has acquired two grocery-anchored shopping centers — El Monte Shopping Plaza in Phoenix and The Hills Village Center in Bedminster, New Jersey — for $62 million. Longpoint will manage the properties under its recently debuted Lena Centers brand. El Rancho Market IGA anchors El Monte Shopping Plaza, which totals 101,000 square feet. The property was 99 percent occupied at the time of sale. The Hills Village Center comprises 101,000 square feet. Kings Food Market anchors the center, which was 89 percent occupied at the …
Commerce, Calif. — Hilco Real Estate has arranged the $168 million sale of the 99 Cents Only Stores LLC real estate portfolio as part of the retailer’s Chapter 11 bankruptcy proceedings. Founded in 1982, California-based 99 Cents began its liquidation in April 2024, citing rising competition, increased labor costs, challenging logistics and the effects of the COVID-19 pandemic. The portfolio included 44 company-owned properties, as well as 333 store leases and three vacant development parcels. According to Hilco, the portfolio generated significant interest, and 181 asset purchase agreements with non-refundable earnest money deposits …
Phoenix — Lena Centers, a division of Longpoint, has acquired El Monte Shopping Plaza, a 101,269-square-foot shopping center located in Phoenix. Built in 1962, the property was 99 percent leased to 15 tenants at the time of sale. El Rancho Market IGA anchors the center, and other tenants include dd’s DISCOUNTS, Shoe Palace, ArchWell Health, Cute Smiles, Cricket Wireless and Baskin Robbins. Mindy Korth and JK Jackson, El Warner and Caitlin Zirpolo of Colliers brokered the transaction. ASI Real Estate handles leasing at the property.
Buckeye, Ariz. — Vestar has broken ground on Verrado Marketplace, a $275 million shopping center development in Buckeye, roughly 35 miles outside Phoenix. Situated at the entrance of DMB Associates’ 8,800-acre Verrado master planned community, the shopping center will total 500,000 square feet. Tenants at the development will include ULTA Beauty, Famous Footwear, Buckle, Salt Tacos + Tequila, Bath & Body Works, Shake Shack, Handel’s Ice Cream, Nekter Juice, See’s Candies, Thai Chili, Einstein Bros. Bagels, Tropical Smoothie, Hawaiian Bros., European Wax Center, Zara Nails, Pacific Dental, America’s Best Contacts & …
Tucson, Ariz. — Commercial Retail Advisors has arranged the sale of Oracle Gateway, a 58,702-square-foot retail center located in Tucson. Developed in 1986, the property was 94 percent occupied at the time of sale. A 22,901-square-foot office building is also located at the site and was not included in the sale. Craig Finfrock of Commercial Retail Advisors, Jan Fincham of Lee & Associates, Fred Howard of Progressive Property Management and Randy Finfrock of Southwest Retail Partners represented the seller, an entity doing business as 3838 Oracle Plaza Joint Venture LLC, in …
Scottsdale, Ariz. — The Italiano has opened a new restaurant within Mercado del Rancho, an 89,506-square-foot retail center located in Scottsdale, approximately 15 miles northeast of Phoenix. Sprouts Farmers Market anchors the center, which is owned by Westwood Financial. Other tenants at the property include Starbucks Coffee, Chipotle Mexican Grill, Club Pilates, Orange Theory, Stretch Lab, Jersey Mikes, FedEx, Chompie’s Bagels, Nékter Juice Bar and Hello Laser. The Italiano, a concept originally founded by Chef Joey Maggiore, brings the center to full occupancy.
Tempe, Ariz. — Thompson Thrift has announced plans to develop South Tempe Square, a 27,119-square-foot retail center, roughly 10 miles outside Phoenix in Tempe. The developer purchased a 3.7-acre site for the project and is scheduled to break ground in the first quarter of 2025. Upon completion, which is scheduled for early 2026, the center will feature four buildings ranging in size from 4,500 to 9,753 square feet.
Phoenix — Whole Foods Market has opened a new, 50,358-square-foot store in Phoenix. Situated within Paradise Valley Mall, the store features more than 330 local items from Arizona, as well as a full-service coffee and juice bar. This marks a relocation from the brand’s previous Paradise Valley store, which was open for 22 years.
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