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 …
Tucson, Ariz. — Hanley Investment Real Estate Advisors has negotiated the $4 million sale of a single-tenant property located in Tucson. First Watch occupies the property, which totals 4,164 square feet, on a triple-net-lease basis. Bill Asher, Jeff Lefko and Lee Csenar of Hanley represented the seller and developer in the transaction. Cory Krupinsky of Brisky Net Lease, in association with Brian Brockman of Bang Realty, represented the buyer, a private investor.
Goodyear, Ariz. — Gantry has secured a $29.2 million loan for the refinancing of Goodyear Centerpointe, a retail center located in Goodyear, a western suburb of Phoenix. Tenants at the property, which totals 320,000 square feet, include Conn’s Appliances, EoS Fitness, Urban Air, Hobby Lobby, Turner’s Outdoorsman and Goodwill Industries. Braden Turnbull, Patrick Barkley, Chad Metzger and Alicia Sabanero of Gantry arranged the 20-year financing on behalf of the borrower, Haagen Co. A life insurance company provided the loan.
Peoria, Ariz. — Vestar is underway on the development of The Shops at Lake Pleasant, a 90,000-square-foot retail center located in Peoria, roughly 15 miles outside Phoenix. The center, which is situated adjacent to Lake Pleasant Towne Center — another Vestar development — is scheduled to be fully open by spring 2025. Tenants currently open at the property include Raising Cane’s, Over Easy, Reformed Pilates, European Wax Center, Tropical Smoothie and Visionworks. Handel’s Ice Cream, Restore Fitness, Salad and Go, OHM Fitness, In-N-Out Burger, Classic & Fancy Nails, Honor Health and …
Northbrook, Ill. — Pine Tree, in partnership with a state pension fund, has purchased six open-air shopping centers from SITE Centers Corp. (NYSE: SITC) for $495 million. The portfolio comprises 2.5 million square feet and feature properties in metros including Fort Lauderdale, Florida; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Oregon. The properties included in the portfolio are: The portfolio’s retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods and 13 stores leased by TJX Cos. Pine Tree is a retail developer and …
Phoenix — Sprouts Famers Market will open a new, 28,000-square-foot store in Phoenix on June 14. Located in Tramonto Marketplace, the store will be situated within a space formerly occupied by Bed Bath & Beyond. Diversified Partners is the landlord and developer of the property.
Queen Creek, Ariz. — Development firm Creation is set to break ground on The Switchyard, a $120 million mixed-use development located at the northeast corner of Ellsworth and Ocotillo roads in the Phoenix suburb of Queen Creek. Plans for the 10-acre project include the development of 54,000 square feet of restaurant, retail, residential and office space. The retail portion of the development will include a 3,800-square-foot Postino wine café and an 11,900-square-foot restaurant called The Porch, which will include an expansive outdoor patio. Creation plans to break ground on the multi-phase …
Greensboro, N.C. — Tanger has announced an expansion of its partnership with Sephora, which will bring the beauty retailer to five additional Tanger properties this year. Averaging 5,000 square feet, the stores will be located in Charleston, South Carolina; Deer Park, New York; National Harbor, Maryland; Palm Beach, Florida; and Glendale, Arizona. Sephora is currently open at Bridge Street Town Centre in Huntsville, Alabama, which Tanger acquired in late 2023.
Chesapeake, Va. — Dollar Tree Inc. has acquired designation rights for 170 leases of 99 Cents Only Stores, following the latter’s Chapter 11 bankruptcy filing. 99 Cents Only Stores filed for bankruptcy in April and is disposing of its assets — including inventory, owned real estate and store leases — as part of the process. Dollar Tree acquired the leases, as well as the North American intellectual property of 99 Cents and select onsite furniture, fixtures and equipment, in two separate transactions this month. “This was an attractive opportunity to secure …