Experts mostly optimistic about future development, though outlying projects could lag
The Valley's retail real estate market probably couldn't have been better in 2007, with 11.6 million square feet of new space completed.
That's according to CB Richard Ellis' Phoenix Office, which also reports that absorption of retail space was the largest ever recorded with retailers occupying 9.4 million square feet of net new space.
Vacancies al-though creeping upward over the past several months, remain at 6.15 percent - a "healthy leave", according to CBRE.
GE REAL ESTATE PROVIDES $98.165 MILLION SENIOR ON-BOOK LOAN FOR ACQUISITION OF REGIONAL POWER SHOPPING CENTER IN SCOTTSDALE, AZ
January 18, 2008
Norwalk, CT, January XX, 2008 - GE Real Estate announced today it provided a $98.165 million senior on-book loan to De Rito Partners Development Inc. for its acquisition of the improvements and leasehold interest in Scottsdale Pavilions (AZ), a 1.1 million-square-foot regional power shopping center. De Rito Partners was already the leasing agent for the property, which is anchored by Target, Home Depot, Mervyn's, Toys R Us, Best Buy, Sports Authority, and several other major retailers.
Local developer De Rito Partners bought Scottsdale Pavilions for $88 million and is planning a major makeover of the languishing shopping center at Indian Bend Road and Loop 101. The 1.1 million square foot open-air shopping center will get a $10 million facelift and up to 150,000 square feet worth of additional shops to start, said Chuck Carlise, president of DeRito Partners Development.
SCOTTSDALE PAVILIONS SOLD, WILL UNDERGO RENOVATIONS
January 04, 2008
SALT RIVER COMMUNITY - Phoenix-based De Rito Partners Development Inc. has bought the Scottsdale Pavilions shopping center for $88 million with plans for major redevelopment and expansion.
DE RITO PAYS $88 MILLION FOR SCOTTSDALE PAVILIONS, PLANS $25 MILLION UPGRADE
January 04, 2008
A Phoenix company plunked down $88 million to purchase Scottsdale Pavilions retail center near Loop 101 and Indian Bend Road. The deal closed Friday.
De Rito Partners plans to invest $25 million in renovations and add another 150,000 square feet of retail space with an eye toward enhancing the center's drawing power in an increasingly competitive Scottsdale-Tempe marketplace.
"This purchase represents a tremendous opportunity to redevelop the existing center into a vibrant gathering place for the community that will positively impact the surrounding area," said Marty De Rito, CEO of De Rito Partners Development, in a news release.
The sellers were Spire North LLC and Spire South LLC, both based in Scottsdale.
SHOPPING CENTERS HOPE PUBLIC ART WILL LURE CUSTOMERS
August 31, 2007
New shopping centers Mesa Riverview and Tempe Marketplace could not be more different. But their developers share a passion they hope will entice shoppers to drive farther and stay longer:
Valley outdoor lovers have a newtoy in town, the Bass Pro Shops Outdoor World opening today at Riverview in Mesa.
Bass Pro joins Cabela's in Glendale as well as Sportsman's Warehouse in Phoenix, Goodyear and Mesa as the big-box outlets for hunting, fishing, camping, boating and outdoor recreation in general.So, what does this mean for the rankand- file angler, hunter, camper, hiker, etc.?
According to Harry Morgan, editor of Arizona Hunter and Angler magazine who runs the All-Star and Best Bet bass fishing tournament circuits, having a local, 170,000-square-foot Bass Pro Shop will save him a lot of shipping costs.
"The things I buy from them online are items I can't get locally, from tackle to clothing," Morgan said. "They have great shirts."
Several thousand people swanned the new Bass Pro Shops in Mesa on its opening night Wednesday to shop, browse or just gape at the murals and taxidermy critters lurking in trees cliffs and behind benches throughout the store:
Theycame from throughout the Phoenix area and began to arrive about three hours before the doors finally opened at 6:30 p.m., following a ceremony that included a prayer, Bass Pro cheer and singing of God Bless America.
''I have been waiting months and months for it to open," said Janet Brandon, a Mesa resident who lives near the store. "Ifs like being in Disneyland.Just to watch the fish in the water. It is unreal."
