Phoenix — CenterSquare has acquired Park at San Tan, a 19,888-square-foot retail center located in Phoenix. Originally developed in 2007, the property comprises three buildings and was 89 percent occupied at the time of sale. Tenants at the center include Firehouse Subs and Yogi’s Grill.
Tucson, Ariz. — First Washington Realty has sold Casas Adobes Plaza, a shopping center located in Tucson, for $51 million. Originally built in 1953 and remodeled in 2014, the property totals 92,300 square feet situated on 9.5 acres. Tenants at the property, which was 97 percent occupied at the time of sale, include Whole Foods Market, Starbucks Coffee, Pure Barre, Orangetheory Fitness and Chico’s. Patrick Dempsey and Geoff Tranchina of JLL Capital Markets arranged the transaction. Greg Brown and Jason Carlos of JLL secured acquisition financing through a correspondent life insurance …
Mill Valley, Calif. — Four Corners Property Trust (FCPT) has purchased 20 restaurant properties occupied by Bloomin’ Brands concepts for $66.4 million dollars. Located in Arizona, Florida, Georgia, Kentucky, Louisiana, North Carolina, Nevada, Pennsylvania, South Carolina and Tennessee, the portfolio includes 10 Outback Steakhouse restaurants and 10 Carrabba’s Italian Grill restaurants, with one dual-tenant property occupied by both concepts. The properties are leased to corporate Bloomin’ Brands entities on two master leases. This transaction makes Bloomin’ Brands the third largest tenant for FCPT, accounting for 3.3 percent of cash rent for …
Surprise, Ariz. — Nordstrom Rack has signed a 26,000-square-foot lease at Prasada North, a shopping center development currently underway by SimonCRE in Surprise. Upon completion, Prasada North, which is located adjacent to the developer’s Village at Prasada shopping center, will total 350,000 square feet. A 150,000-square-foot Target will anchor the property, which is roughly 90 percent leased. Tenants currently open at the center include DICK’s Sporting Goods, Burlington, Kohl’s, Cooper’s Hawk, Barrio Queen and Cold Beer Cheeseburgers. Nordstrom currently operates one Nordstrom and 11 Nordstrom Rack stores in Arizona.
Mesa, Ariz. — SimonCRE has sold Mesa Ranch Plaza, a 130,000-square-foot retail center in Mesa. An entity doing business as Mesa Ranch 24 LP acquired the property, which was 99 percent occupied at the time of sale, for $26 million. Alex Kozakov and Patrick Wade of CBRE represented both the buyer and seller in the transaction. Michael Hackett of CBRE served as the local market expert for the deal.
Fountain Hills, Ariz. — First National Realty Partners (FNRP) has acquired Fountain Hills Plaza, a 111,284-square-foot shopping center located in Fountain Hills. Bashas’ anchors property, which was 90 percent leased at the time of sale. Other tenants at the center include Ace Hardware, AutoZone, H&R Block and Great Clips. This marks the firm’s second acquisition in the state. Patrick Dempsey of JLL represented the undisclosed seller in the transaction.
Mesa, Ariz. — PSRS has arranged $7.6 million in financing for the acquisition of Superstition Marketplace in Mesa. Built in 1988, the retail center totals 54,837 square feet. Current tenants at the center include Dollar Tree, Jersey Mike’s Subs, State Farm Insurance and Thai House. Mike Davis and Tony Messiah of PSRS arranged the 10-year loan, which features a 30-year amortization schedule, through one of its correspondent life insurance companies on behalf of the undisclosed borrower.
Gilbert, Ariz. — Okland Capital and San Tan Development Group have broken ground on Phase I of Northside at SanTan Village, a $100 million mixed-use development in the Phoenix suburb of Gilbert. The first phase will feature 37,245 square feet of retail and restaurant space across six buildings, with completion scheduled for mid-2025. Upon full build-out, Northside at SanTan Village will span 20 acres and include a 134-key hotel, in addition to retail, restaurant and community green space. The project team includes general contractor Okland Construction and architect Aline Architecture Concepts. …
Tempe, Ariz. — Four new tenants have signed leases totaling 150,000 square feet at Tempe Marketplace, a 1.3 million-square-foot retail development located in Tempe. Sam’s Club is scheduled to open at the property next summer, with Nothing Bundt Cakes and Enclave Salon Suites set to open this fall. Happy Beauty Co. will also join the tenant lineup, with its opening scheduled for 2025. Vestar is the owner and landlord.
Dallas — Dallas-based food-and-beverage franchising company BRIX Holdings LLC has entered into an agreement with franchise owner Richard Stassi to open four new units in Arizona and Missouri. Stassi will open three Smoothie Factory + Kitchen and Red Mango co-branded shops within the next three years in metro Phoenix and Scottsdale, Arizona. The first of the units is scheduled to open in early 2025. Franchisee Gary Patel signed the fourth deal with Stassi and will open a Red Mango store in Kansas City, Missouri, in early 2025, marking the first entry …
