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ArizonaDevelopmentNews

Vestar Breaks Ground on $275 Million Shopping Center Development in Metro Phoenix

by Hayden Spiess

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 & …

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Oracle-Gateway_Tucson-Ariz
ArizonaInvestment salesNews

Commercial Retail Advisors Arranges Sale of 58,702-Square-Foot Retail Center in Tucson, Arizona

by Hayden Spiess

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 …

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ArizonaGrocery-anchoredLeasingNews

The Italiano Opens Restaurant at 89,506-Square-Foot Retail Center in Scottsdale, Arizona

by Hayden Spiess

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. 

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ArizonaDevelopmentNews

Thompson Thrift to Develop 27,119-Square-Foot Retail Center Near Phoenix

by Hayden Spiess

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. 

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ArizonaNews

Whole Foods Opens 50,358-Square-Foot Store in Phoenix

by Hayden Spiess

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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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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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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