SALT RIVER PIMA-MARICOPA INDIAN COMMUNITY/SCOTTSDALE, AZ. – De Rito Partners Development, Inc and PCCP, LLC announce today a new joint venture partnership in The Pavilions at Talking Stick Shopping Center located on the Salt River Pima-Maricopa Indian Community contiguous to Scottsdale, AZ.
The Pavilions at Talking Stick is a 1.2 million square foot regional power center anchored by Home Depot, Burlington Coat Factory, Sports Authority, and Target. The shopping center currently has a 90% occupancy rate. The project was constructed in two phases from 1989 to 1991.
The partnership, with the help of HFF, has secured a new first mortgage from Wells Fargo. De Rito Partners will continue to manage and lease the property, with the added value of PCCP’s expertise as a seasoned diversified investor and partner.
“We acquired The Pavilions in January of 2008 and within 6 months the economy turned sour which led to the closure of Mervyn’s, Circuit City and Best Buy. Luckily, behind the scenes, the wheels were in motion for a revitalization of the area. Talking Stick was being born with a casino, resort, Salt River Fields, and future entertainment district now called Talking Stick - a Cultural and Entertainment Destination Area. Since purchasing the shopping center, we have spent $21 million to bring the property back to standard operating conditions with new leasing and renewals totaling over 1 million square feet, an extensive remodel, and updated landscaping. We are pleased to embark on this joint partnership with PCCP, LLC to continue the revitalization of the center yielding positive results and new business opportunities for both De Rito Partners and PCCP,” said Marty De Rito, CEO, De Rito Partners.
“PCCP sees this as a strategic opportunity to own a large, well-located power center that has a strong tenancy but also provides opportunities to add value,” remarked Mike Johnson, Vice President at PCCP, LLC. “We are excited to continue our partnership with De Rito Partners and execute the business plan moving forward.”