An aerial view of Promenade at Casa Grande in Arizona. Photo courtesy of PREP Property Group, via GlobeNewswire; cropped.
PREP Property Group has acquired Promenade at Casa Grande, an approximately 480,000-square-foot shopping center along Arizona’s Phoenix-Tucson corridor, adding a large regional retail property to its portfolio.
The company announced the acquisition November 9. It did not disclose the purchase price, seller, financing terms or occupancy rate in the announcement.
The center sits at the northeast corner of Interstate 10 and Florence Boulevard in Casa Grande. PREP described it as a primary retail destination for Pinal County and the surrounding market.
Its tenants include Harkins Theatres, Ross Dress for Less, Marshalls, HomeGoods, Burlington, Michaels, Ashley Furniture, PetSmart, Five Below, Bath & Body Works, Ulta Beauty and Dollar Tree, alongside other national and regional businesses.
That combination gives PREP a property with shopping and entertainment uses, rather than a single-purpose retail asset. The company’s announcement identifies both the location and tenant mix as part of its investment case, but does not provide tenant sales figures or other operating results.
Leasing and Redevelopment Opportunities
Lloyd Sova, PREP’s vice president of development and acquisitions, said the company sees opportunities to improve the center through leasing, merchandising, operations and redevelopment.
The statement did not set out a specific redevelopment project, construction budget or timetable. It also did not announce store closures, new signed tenants or changes to the existing retailers.
PREP focuses on open-air, grocery-anchored and net-lease retail investments. Its approach includes acquisitions, leasing, redevelopment and property operations, according to the company.
The firm was founded by Michael C. Phillips, founder and former chief executive of Phillips Edison & Company. PREP says it seeks properties where active management can improve performance and create long-term value.
For Promenade at Casa Grande, the completed purchase is the confirmed development. The possible leasing and redevelopment opportunities remain the buyer’s strategy, rather than separately announced projects.
Source: PREP Property Group acquisition announcement.
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