Phoenix — Phoenix Commercial Advisors has arranged the $20.5 million sale of Laveen Commons, a 12.1-acre retail center located in Phoenix. Totaling 102,083 square feet across four buildings, the property was fully leased at the time of sale. Tenants at the center include Big Lots, Big 5 Sporting Goods, Ace Hardware and 99 Cents Only. John Schweikert and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the deal.
Goodyear, Ariz. — Raymond Arjmand has acquired Palm Valley Pavilions West, a 232,573-square-foot retail center located in Goodyear, roughly 20 miles outside Phoenix. Tenants at the property, which was 99 percent leased at the time of sale, include Best Buy, Total Wine, Barnes & Noble, ULTA Beauty and Ross Dress for Less. Vestar will manage the center on behalf of the buyer. This marks the 19th property in the state under Vestar’s management.
Japanese fast-casual concept Pepper Lunch has signed two deals to open 20 restaurants in Florida and Hawaii. The first agreement includes plans for 10 units in Florida in the Tampa, Orlando and Gainesville markets. The Majestic Restaurant Group will operate the restaurants, with the first opening scheduled for the third quarter of 2024. In Hawaii, NiKU LLC will develop an additional 10 restaurants. The opening of the first unit is scheduled for the first quarter of 2025, with initial development focused on Honolulu and the greater island of Oahu. Established …
Buckeye, Ariz. — SimonCRE has acquired land for Roosevelt Commons, a 15.6-acre mixed-use project to be developed in Buckeye. Upon completion, the property will feature retail and restaurant space, as well as a hotel. Several tenants, including Mexican restaurant Someburros, have signed leases at the development. Construction is scheduled to begin in January, with delivery of the first phase expected in late 2024.
Phoenix — EoS Fitness has opened a 42,000-square-foot gym in Phoenix. This marks the 30th location in the state for the brand. Amenities at the property include a cardio movie theater lined with treadmills, elliptical machines, stationary bikes and stair climbers and EoS Yard, a turf functional training area with battle ropes, sleds and tire flips. The gym also features saunas, a stretch tables, percussion massagers, compression boots and massage chairs.
Buckeye, Ariz. — Vestar has signed leases with six tenants to anchor Verrado Marketplace, a 500,000-square-foot shopping center currently under development by the firm in Buckeye, roughly 35 miles outside Phoenix. Target, Harkins BackLot, Safeway, Marshalls, Ross Dress for Less and HomeGoods are scheduled to open at the property in late 2025. Harkins BackLot will occupy 75,000 square feet with an entertainment concept featuring a restaurant, sports viewing arena, arcade, bowling alley and private event area. Target will open a 147,000-square-foot store, and Ross Dress for Less and HomeGoods will occupy …
Mesa, Ariz. — A joint venture managed by Crow Holdings Capital has purchased The Shops at Sossaman, a 34,151-square-foot retail center located in Mesa. Abington Emerson Investments sold the property for $8.1 million. Tenants at the center, which was built in 2002, include Banner Health Physical Therapy, East Valley Pet Urgent Care, Empower Academy and Crave Pizza. The property was fully leased at the time of sale. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the buyer and seller in the transaction.
Marana, Ariz. — Gantry has arranged a $7.8 million permanent loan for the refinancing of a retail property located in Marana, roughly 20 miles outside Tucson. Comprising 26,387 square feet, the property is situated within the Shoppes at Continental Ranch and shadow anchors an independently owned Safeway building and four pad buildings. Tony Kaufmann and Alex Poulos of Gantry secured the 10-year financing on behalf of the borrower.
Elmsford, N.Y. — A joint venture between New York-based DLC Management Corp. and funds managed by DRA Advisors has acquired a portfolio of retail centers for $100 million. The portfolio comprises four properties located in Colorado, New Jersey, Arizona and Ohio. Located in Aurora, Colorado, Cornerstar totals 380,479 square feet and is anchored by Target, Marshalls, HomeGoods, 24 Hour Fitness, Nike and Ulta Beauty. Cross Keys Place in Sewell, New Jersey, comprises 147,694 square feet and is anchored by Michaels, Old Navy, Petco and Edge Fitness. The Shops at Prescott Gateway …
Phoenix — Colliers has arranged the sale of South Mountain Crossing, an 89,389-square-foot retail center located in Phoenix. ACP Management acquired the property. Tenants at the center include SkyZone Trampoline Park, Goodwill and Kids Empire. Mindy Korth, JK Jackson, El Warner and Caitlin Zirpolo of Colliers represented the seller, Lamar Cos., in the transaction.
