De Rito Opportunity Investors, LLC, a company formed by De Rito Partners in Phoenix (Marty De Rito, Iver Bowden, Doug Himmelberger, principals) has purchased the retail plaza in Central Phoenix, located at the southwest corner of Indian School Road and 32nd Street. The 147,000-square-foot center, which is anchored by Ace Hardware, was owned by Bashas’ Inc. in Chandler (Edward Basha, III, President). The sale was negotiated by Nate Nathan, Dave Mullard, Casey Christensen and Courtney Buck of Nathan & Associates Inc. in Scottsdale.
Phoenix architects Irwin Pasternack and Catherine Hayes are working on design plans for redeveloping the plaza to be renamed Arcadia Fiesta. A good portion of the existing space is expected to be redeveloped as part of a new center that should total 160,000 sq. ft. to 165,000 sq. ft. An existing pad and two new pads for freestanding buildings are likely to be included in the new design. De Rito Partners will be partnering with the Van Tuyl Group on the redevelopment of this project.
“We are excited to be working on this in-fill project, renewing and revitalizing this existing community center. We have a proven track record of being able to secure dominate retail tenants for our projects and are happy to be a significant part of the area’s redevelopment opportunities.” said Marty De Rito, CEO of De Rito Partners.