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South Tempe Square
ArizonaDevelopmentNews

Thompson Thrift Breaks Ground on 27,000-Square-Foot Shopping Center Near Phoenix 

by Abby Cox

Tempe, Ariz. — Indiana-based Thompson Thrift has broken ground on South Tempe Square, a 27,000-square-foot neighborhood shopping center located in Tempe, roughly 10 miles east of Phoenix. Nearly 75 percent of the property is preleased or under lease negotiations. Tenants who have already signed leases include BURN Total Body Conditioning, Pacific Dental, Look Lab, Luna Grill Restaurant, The Slice House by Tony Gemignani and GoodVets. A 4,500-square-foot restaurant pad and two inline retail spaces are still available for lease. A construction timeline was not disclosed.

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ArizonaDevelopmentInvestment salesNews

JLL Arranges $42.5 Million Equity Placement for Papago Marketplace in Metro Phoenix

by Abby Cox

Scottsdale, Ariz. — JLL Capital Markets has arranged a $42.5 million equity placement for Papago Marketplace, a 55,500-square-foot mixed-use development located in the Phoenix suburb of Scottsdale. Patrick Dempsey and Quin Madden of JLL represented the developer, Pivot Development Co., in securing the equity placement on behalf of an undisclosed institutional advisor. A 23,343-square-foot Sprouts Farmers Market will anchor the project upon completion, which is scheduled for August 2026. Construction is expected to begin this month. Over the past five years, the development of Papago Marketplace has included a 276-unit luxury …

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The Ranch
ArizonaDevelopmentLeasingMixed-useNewsRestaurantsRetailers

Partnership Receives Final Approval for $1 Billion Mixed-Use Development in Gilbert, Arizona

by Abby Cox

Gilbert, Ariz. — A partnership between Las Vegas-based IndiCap, Salt Lake City-based Colmena Group and locally based Langley Properties has received final entitlement approval from the Town of Gilbert’s Planning Commission to begin construction for The Ranch, a proposed $1 billion mixed-use development in Gilbert. Situated near the Phoenix-Mesa Gateway Airport and Arizona State University’s Polytechnic Campus, The Ranch will span more than 295 acres and is anticipated to become Gilbert’s largest mixed-use development to date, according to the development team. The project is also expected to create roughly 6,000 jobs …

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ArizonaInvestment salesNews

Cohen & Steers, Sterling Organization Acquire Deer Valley Towne Center in Metro Phoenix 

by Abby Cox

Deer Valley, Ariz. — A joint venture between Cohen & Steers Income Opportunities REIT (CNSREIT) and Sterling Organization has acquired Deer Valley Towne Center, a 159,000-square-foot open-air shopping center located in the Deer Valley neighborhood of Phoenix. Target shadow anchors the center, which is situated across from Phoenix General Hospital and PetSmart’s corporate headquarters. The property is more than 94 percent leased to tenants including Five Below, Ross Dress For Less, Dollar Tree, PetSmart, Michaels, Jersey Mike’s, Panda Express, Chipotle, Sola Salon Studios, GNC and Bath & Body Works. This transaction …

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Northside at SanTan Village
ArizonaLeasingMixed-useNewsRestaurantsRetailers

Western Retail Advisors Signs Five New Tenants at Northside at SanTan Village in Gilbert, Arizona

by Abby Cox

Gilbert, Ariz. — Western Retail Advisors has signed leases with five new tenants at Northside at SanTan Village, the first phase of the larger Northside mixed-use development in Gilbert, a suburb of Phoenix. Situated in the SanTan Village corridor, the retail and restaurant component will total 37,289 square feet across six buildings. Perry’s Steakhouse & Grille, the anchor tenant, will occupy 11,000 square feet of restaurant space, marking its first Arizona location. Meanwhile, The Workshop Pilates, The NOW Massage and Face Foundrie are opening their fourth locations in the state. Additionally, …

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Plaza Colonial
ArizonaFinanceNews

Gantry Secures $16.7 Million in Refinancing for Mixed-Use Property in Tucson, Arizona

by Abby Cox

Tucson, Ariz. — Gantry has secured a $16.7 million permanent loan to refinance Plaza Colonial, a mixed-use property located in Tucson. Situated at 2840-2890 East Skyline Drive and 6375 North Campbell Ave., Plaza Colonial comprises 83,869 square feet of retail and office space spread across four buildings. Patrick Barkley and Chad Metzger 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. Gantry will service the loan.

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Scottsdale Quarter
ArizonaInvestment salesLeasingMixed-useNews

FalconEye Ventures Acquires 755,000-Square-Foot Mixed-Use Development in Metro Phoenix, Plans $100 Million Capital Improvements

by Abby Cox

Scottsdale, Ariz. — FalconEye Ventures has acquired Scottsdale Quarter, a 755,000-square-foot mixed-use development located in Scottsdale, roughly 13 miles outside Phoenix. As part of the acquisition, FalconEye plans to implement a $100 million capital improvement program for the property. The program will focus on tenant curation, infrastructure enhancements and experiential retail concepts designed to differentiate the property. Implementation is scheduled to begin in late 2025, with phased execution designed to minimize operational disruption to existing tenants. FalconEye has retained Vestar to be a strategic partner and oversee operations at the property. …

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Sundance Towne Center
ArizonaInvestment salesNews

Continental Realty Corp. Buys 203,525-Square-Foot Retail Center in Metro Phoenix for $54.3 Million

by Abby Cox

Buckeye, Ariz. — Baltimore-based Continental Realty Corp. (CRC) has purchased Sundance Towne Center, a 203,525-square-foot regional power center located 30 miles west of Phoenix, for $54.3 million. Walmart and Lowe’s Home Improvement shadow anchor the center, which was originally developed in 2007 on a 32-acre site. The property was 94 percent leased to tenants including AutoZone, BMO Bank, Cracker Barrel, Dollar Tree, Dunn-Edwards Paints, Mattress Firm and Peter Piper Pizza at the time of sale. CRC also plans to invest in capital improvements to enhance tenancy and customer experience. Michael …

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Siete Square
ArizonaInvestment salesNews

Rein & Grossoehme Arranges $5 Million Sale of 35,926-Square-Foot Shopping Center in Phoenix

by Abby Cox

Phoenix — Rein & Grossoehme Commercial Real Estate has arranged the $5 million sale of Siete Square, a 35,926-square-foot shopping center located at 4139 W. Bell Road in Phoenix. Originally built in 1985, the property was 87 percent leased to tenants including Mattress Max and Georges Baddawi at the time of sale. The center also features a freestanding pad site occupied by Jack in the Box, which was not included in the sale. Mark Rein of Rein & Grossoehme represented the seller, Butterfield Trail LLC, and the buyer, Bell Square …

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Tempe Marketplace
ArizonaLeasingNews

Four New Retailers to Join Tempe Marketplace in Arizona

by Abby Cox

Tempe, Ariz. — Four new tenants have signed leases to join Tempe Marketplace, a 1.3 million-square-foot shopping center located in Tempe. Lovisa Jewelry has already opened at the property, while Relive Med Spa will be opening this fall. Sam’s Club will open in two phases, beginning with its members-only fuel station on June 13, followed by the store’s opening in early August. Carhartt will also open its first Phoenix location at the end of the year. The mix of new tenants will comprise more than 150,000 square feet. Featuring more …

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