Cypress Equities Acquires Lake Pleasant Crossing in Peoria, Arizona

Peoria, Ariz. – Cypress is in the process of making several upgrades to the existing center, as well as planning for the second phase of development.

Peoria, Ariz. – Cypress Lake Pleasant LP, an affiliated partner of Cypress Equities, has purchased the fee simple interest in the Lake Pleasant Crossing shopping center in Peoria. Cypress previously held a ground lease interest in the property, having developed the existing shopping center and Lowe’s Home Improvement Center on the site. Cypress is in the process of making several upgrades to the existing center, as well as planning for the second phase of development. Lake Pleasant Crossing is a 199,358-square-foot power center anchored by Lowe’s Home Improvement Center that includes other national tenants such as US Bank, Wells Fargo and Papa John’s. Ed Beeh, Brian Polachek and Alan Houston with SRS Real Estate Partners in Phoenix will be managing the leasing for Lake Pleasant Crossing on behalf of Cypress.

   Scott Reid

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