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Metrocenter
ArizonaDevelopmentFinanceMixed-useNews

Concord Summit Secures $24.5 Million Construction Financing for Mall Redevelopment in Phoenix

by Hayden Spiess

Phoenix — Concord Summit Capital has secured a $24.5 million construction loan to finance the redevelopment of Metrocenter, a mall located in Phoenix. Situated on 64 acres, the property will be transformed into a mixed-use development featuring 112,000 square foot of retail space, as well as 1,218 residential townhome units. Kevin O’Grady, Daniel Eidson and Ben Applebaum of Concord Summit arranged the financing on behalf of the developers, Concord Wilshire and TLG Investment Partners. Horizontal construction on the project is scheduled to begin during the fourth quarter of 2024, with vertical …

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PV-Development
ArizonaDevelopmentMixed-useNews

RED Development Underway on $2 Billion Redevelopment of Paradise Valley Mall in Phoenix

by Hayden Spiess

Phoenix — RED Development has begun construction on PV, the $2 billion redevelopment of a 100-acre site in Phoenix formerly occupied by Paradise Valley Mall.  Phase I of the project will include retail, dining and entertainment space anchored by Whole Foods Market; AVE Paradise Valley, a 400-unit multifamily community; and a 77,000-square-foot co-headquarters for Fender Musical Instruments Corp. Each component of the development will be linked via centrally located parks.  A groundbreaking was recently held for the office portion of the development — a three-story building designed by SmithGroup to be …

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ArizonaInvestment salesNews

Westwood Financial Purchases 83,787-Square-Foot Paradise Hills Shopping Center in Phoenix

by Hayden Spiess

Phoenix — Westwood Financial has purchased Paradise Hills Shopping Center, a retail property located in Phoenix, from Abbington Emmerson Investments for an undisclosed price. Situated on 7.5 acres, the property totals 83,787 square feet of retail space.  Tenants at the center include Ace Hardware, Pet Supplies Plus and Uptown Jungle. Mindy Korth, J.K. Jackson, El Warner and Caitlin Zirpolo of Colliers represented the seller in the deal.

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Metrocenter-Mall-Redevelopment
ArizonaDevelopmentMixed-useNews

Development Team Begins Demolition Process for $850 Million Metrocenter Mall Redevelopment in Phoenix

by Hayden Spiess

Phoenix — Developers Concord Wilshire Capital and TLG Investment Partners have begun the abatement and demolition of the Metrocenter Mall in Phoenix, beginning the $850 million redevelopment of the property into a mixed-use community. The Metrocenter Mall opened its doors in 1973 and closed in 2020. The two-story, 140,000-square-foot mall is situated on 312 acres on the city’s northwest side. Plans for the redevelopment include more than 2,600 apartment units, as well as 100,000 square feet of retail space. The demolition process has commenced with the destruction of the former Dillard’s …

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ArizonaGrocery-anchoredInvestment salesNews

First Washington Realty Sells Casas Adobes Plaza Shopping Center in Tucson, Arizona for $51 Million

by Hayden Spiess

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 …

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FCPT Purchases 20 Bloomin’ Brands Restaurant Properties for $66.4 Million 

by Hayden Spiess

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 …

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ArizonaDevelopmentLeasingNews

Nordstrom Rack Signs 26,000-Square-Foot Lease at Prasada North in Surprise, Arizona

by Hayden Spiess

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. 

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Mesa-Ranch-Plaza-Mesa-AZ
ArizonaInvestment salesNews

SimonCRE Sells 130,000-Square-Foot Retail Center in Mesa, Arizona

by Hayden Spiess

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.

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Fountain Hills Plaza
ArizonaGrocery-anchoredInvestment salesNews

FNRP Acquires 111,284-Square-Foot Shopping Center in Arizona

by Hayden Spiess

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. 

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