PHOENIX — Lena Centers, a subsidiary of Longpoint Partners, has purchased Stetson Village, a grocery-anchored shopping center at 3780-3890 W. Happy Valley Road in Phoenix, from Pederson Group for $71 million. Ryan Schubert, Michael Hackett and Zach Aulick of CBRE represented the seller and buyer in the transaction. Built in 2007, the 144,192-square-foot Stetson Village is fully occupied by a variety of tenants, including Capriott’s, Nekter Juice Bar, UPS Store, First Watch and Great Clips.
BUCKEYE, ARIZ. — Vestar has signed leases with five new tenants at Verrado Marketplace, a 500,000-square-foot open-air lifestyle and entertainment center under development in Buckeye, roughly 35 miles west of downtown Phoenix. Retail and restaurant concepts including Sourdough & Co., See’s Candies, CityVet, Great Clips and NextCare are anticipated to open in May 2026 and will occupy a combined 10,000 square feet. Upon completion, Verrado Marketplace will offer a selection of retail, dining and service-oriented options. The new tenants will join a mix of anchors and national brands such as Target, Harkins BackLot, Safeway, Ross, Marshalls, HomeGoods, ULTA Beauty, Famous Footwear, Buckle, Bath & Body Works, European Wax Center and Zara Nails. A variety of eateries are also confirmed including Salt Tacos + Tequila, Shake Shack, Handel’s Ice Cream, Nekter Juice Bar, Thai Chili, Einstein Bros. Bagels, Tropical Smoothie and Hawaiian Bros Island Grill.
TEMPE, ARIZ. — Indiana-based Thompson Thrift has broken ground on South Tempe Square, a 27,000-square-foot neighborhood shopping center located in Tempe, roughly 10 miles east of Phoenix. Nearly 75 percent of the property is preleased or under lease negotiations. Tenants who have already signed leases include BURN Total Body Conditioning, Pacific Dental, Look Lab, Luna Grill Restaurant, The Slice House by Tony Gemignani and GoodVets. A 4,500-square-foot restaurant pad and two inline retail spaces are still available for lease. A construction timeline was not disclosed.
SCOTTSDALE, ARIZ. — JLL Capital Markets has arranged a $42.5 million equity placement for Papago Marketplace, a 55,500-square-foot mixed-use development located in the Phoenix suburb of Scottsdale. Patrick Dempsey and Quin Madden of JLL represented the developer, Pivot Development Co., in securing the equity placement on behalf of an undisclosed institutional advisor. A 23,343-square-foot Sprouts Farmers Market will anchor the project upon completion, which is scheduled for August 2026. Construction is expected to begin this month. Over the past five years, the development of Papago Marketplace has included a 276-unit luxury apartment complex, a 116-room hotel and a mix of retail tenants. The project is currently 80 percent preleased.
PRESCOTT, ARIZ. — Marcus & Millichap has negotiated the sale of a warehouse and industrial outdoor storage property located at 6400 Lear Lane in Prescott. An individual/personal trust acquired the asset from Arizona Industrial Development for $4.4 million. Constructed in 2025, the asset comprises a 10,060-square-foot warehouse on a 2.9-acre site. The property is leased to a national credit tenant on a new 10-year, absolute net lease with a corporate guarantee. Paul Berkner of Marcus & Millichap represented the buyer, while Sev Keshishian of Marcus & Millichap procured the buyer in the deal.
TUCSON, ARIZ., AND LAS VEGAS — A joint venture between Cypress West Partners and TPG Angelo Gordon has purchased three medical outpatient buildings in Arizona and Nevada. Terms of the transactions were not disclosed. The partnership acquired La Cholla Medical Plaza, a two-building asset at 6130 N. La Cholla Blvd. In Tucson, in a fee-simple transaction. Totaling 68,000 square feet, the properties were 81 percent leased at the time of sale. Northwest Hospital occupies 34 percent of the medical plaza, which is located at the Northwest Medical Center campus. The joint venture also acquired MacFarlane Medical Center, a three-story building at 8325 W. Warm Springs Road in Las Vegas. Built in 2009, the fully leased property offers 39,279 square feet of multi-tenant space. The current seven tenants are in specialities including orthopedic, endocrinology, vascular, pediatrics, infusion, eyesore, pharmacy, hemostasis and thrombosis. The ground floor is occupied by a multi-speciality surgery center on a long-term lease.
GILBERT, ARIZ. — A partnership between Las Vegas-based IndiCap, Salt Lake City-based Colmena Group and locally based Langley Properties has received final entitlement approval from the Town of Gilbert’s Planning Commission to begin construction for The Ranch, a proposed $1 billion mixed-use development in Gilbert. Situated near the Phoenix-Mesa Gateway Airport and Arizona State University’s Polytechnic Campus, The Ranch will span more than 295 acres and is anticipated to become Gilbert’s largest mixed-use development to date, according to the development team. The project is also expected to create roughly 6,000 jobs during construction. “This entitlement approval marks a turning point not just for The Ranch, but for Gilbert as a whole,” says Todd Ostransky, vice president of regional development at IndiCap. “This development is designed to meet the evolving needs of businesses and residents while driving sustainable economic growth in the region.” Upon full build-out of the multi-phase project, The Ranch will include a 221-acre light industrial component totaling 3 million square feet, 34 acres of retail space and 729 multifamily units across three communities. Steve Larsen of JLL is managing leasing efforts for the industrial portion of the project. Phase I of The Ranch — which is set to break ground in the fall …
CHANDLER, ARIZ. — Colliers has arranged the $109.5 million sale of Country Brook Apartments, a multifamily property in Chandler. Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers handled the sales transaction for the undisclosed seller and undisclosed buyer. Luke Donahue and Patrick O’Donnell of Colliers Mortgage coordinated acquisition financing. Located at 4909 W. Joshua Blvd., Country Brook Apartments offers 396 units, averaging 963 square feet, spread across 32 one- and two-story buildings. Community amenities include three resort-style pools, two spas, poolside ramadas, an alfresco kitchen with outdoor TVs, a 24-hour fitness center, 24/7 access package locker and covered parking.
DEER VALLEY, ARIZ. — A joint venture between Cohen & Steers Income Opportunities REIT (CNSREIT) and Sterling Organization has acquired Deer Valley Towne Center, a 159,000-square-foot, open-air shopping center located in the Deer Valley neighborhood of Phoenix. Target shadow anchors the center, which is situated across from Phoenix General Hospital and PetSmart’s corporate headquarters. The property is more than 94 percent leased to tenants including Five Below, Ross Dress For Less, Dollar Tree, PetSmart, Michaels, Jersey Mike’s Subs, Panda Express, Chipotle, Sola Salon Studios, GNC and Bath & Body Works. This transaction marks CNSREIT’s fourth acquisition with Sterling Organization and the sixth open-air shopping center in its portfolio.
— By Brett Meinzer of MMG Real Estate Advisors — Despite ongoing challenges, Phoenix’s multifamily market is showing signs of stabilization and strength in key areas. Record Demand, Even in a Cooling Market In first-quarter 2025, net absorption reached 5,149 units, more than double the 10-year quarterly average and the second-highest quarterly total on record. On a 12-month basis, the market absorbed 18,413 units, setting a new high. “We’re seeing demand return to peak levels,” said Brett Meinzer, advisor at MMG Real Estate. “The number of units leased in the last year shows Phoenix’s long-term story remains intact.” Supply Is Slowing, Signaling Potential Stabilization While new supply remains elevated, the pace is shifting. First-quarter deliveries declined 36 percent from the prior quarter, and the development pipeline is now nearly 50 percent below its recent peak. “After years of heavy deliveries, the pipeline is thinning,” Meinzer said. “This pullback could help stabilize rent and occupancy rates as we head into 2025.” Rent Trends Still Negative But Improving Phoenix’s effective rent currently stands at $1,560, down 2.3 percent year over year, with average occupancy at 91.9 percent. Rent softness is largely driven by concessions and intense lease-up competition from new construction. However, …
