You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur. FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU. Call me if you want to sell your property and need an estimated value. Phone / Prefer cell: 520-975-5207
Office: 480-948-5554 or email me walterunger@ccim.net. – What is a CCIM.
In Business and in Life you don’t get what you deserve, you get what you Negotiate.
contact me if you want me to get you the value of your property.
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Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
Corina Vanek Arizona Republic 4/24/2023
The owner of Desert Ridge Marketplace and Tempe Marketplace is betting that large-scale retail isn’t dead, it has just moved outdoors.
Phoenix-based Vestar has three open-air shopping centers under construction around the Valley, with two large-scale centers, planned to be similar to their flagship properties, in the works.
“For the first time in 10 years, we have three projects under construction and two to four in pre-development, breaking ground in the next three or so years,” said Jeff Axtell, executive vice president for Vestar.
SEE IT ALL WITH PHOTOS: https://www.azcentral.com/story/money/business/2023/04/24/vestar-owned-outdoor-malls-coming-to-cities-throughout-phoenix-area/70140065007/
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During the past 10 years, over 1 million people have moved to the Phoenix area with almost no significant new retail development, he said. Retailers have looked to Phoenix for new store locations, unlike many markets across the country.
What’s under construction in metro Phoenix
The new centers under construction are in suburban areas, with two in Queen Creek and one in Peoria.
The first in Queen Creek, called Queen Creek Crossing, already has some stores open, including a much-anticipated Costco, which opened in January.
Other stores at the center will include:
- Hobby Lobby
- Ashley Furniture
- Black Rifle Coffee
- Desert Financial Credit Union
The center will total about 295,000 square feet near Ellsworth Road and Fulton Parkway, and the remaining shops are expected to open by the end of 2023.
Vineyard Towne Center, which is under construction near Gantzel and Combs roads in Queen Creek, will include:
- Sprouts
- Target
- Ono Hawaiian BBQ
- Nekter Juice Bar
- Mr. Pickle’s Sandwich Shop
- Couture Nail Bar
- Pacific Dental
The Sprouts store is planned to open in June, and the Target is expected to open in late 2024 or early 2025, along with the rest of the center, Axtell said.
The third development under construction is an addition to the Shops at Lake Pleasant in Peoria. The addition is scheduled to be completed in spring 2024.
Shops will include:
- In-N-Out Burger
- Raising Cane’s
- Handel’s Ice Cream
- Over Easy
- European Wax
- Honor Health
- Christian Brothers Automotive
Two larger projects planned in Laveen, Verrado
Vestar also is planning larger centers, with offerings similar to Tempe Marketplace and Desert Ridge Marketplace, Axtell said. Both centers will have less than half the footprint of Desert Ridge, which totals 1.2 million square feet.
One center is slated for the south Phoenix area of Laveen and the other in Buckeye’s Verrado development.
Laveen Towne Center near 59th Avenue and Dobbins Road will include about 400,000 square feet of buildings. The site previously was a farm and has an old farmhouse and hay barn still standing, which will convert into a wine bar or restaurant, Axtell said.
Vestar has not announced tenants at the center, but Axtell said a large department store will serve as an anchor, along with a movie theater and various other shops and restaurants. The center is expected to open in spring 2026.
In Buckeye, Verrado Marketplace is planned to open in fall 2025, and will bring about 500,000 square feet of shops and restaurants to the northeast corner of Verrado Way and Interstate 10. That development, Axtell said, will be “a smaller version of Desert Ridge,” with similar stores and amenities.
In the works:Phoenix shopping center developer plans long-awaited project in Laveen
SEE IT ALL WITH PHOTOS: https://www.azcentral.com/story/money/business/2023/04/24/vestar-owned-outdoor-malls-coming-to-cities-throughout-phoenix-area/70140065007/
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Seeking more sites in Pinal County, East Valley and Phoenix
Beyond the developments Vestar has announced or started building, the company continues to seek new locations for even more development, Axtell said.
Vestar is looking at sites around the metro area but would like to do a big project in Maricopa and is looking at north Phoenix near the Taiwan Semiconductor Manufacturing Co. plant. Vestar also is seeking sites in the East Valley like Mesa and even more in Queen Creek.
Surviving as retail evolves, with alcohol to go
While retail consumption habits have changed, leading to major changes in how brick-and-mortar stores operate, Axtell said Vestar’s large properties in Arizona have seen both visitor numbers and sales increase.
Year-over-year sales at Tempe Marketplace increased 34% in 2022 compared with 2021, and sales at Desert Ridge Marketplace increased 12% in the same period. In the first quarter of 2023, sales and visitor counts at both properties were up by over 20% over the same period in 2022, Axtell said.
“Both Desert Ridge and Tempe Marketplace have undergone significant remodeling and refreshing in their main spaces,” Axtell said. “They are brand new, fresh and fun-looking.”
Each property hosts about 300 events per year, he said, like outdoor yoga or live music, which could not happen at a traditional, enclosed mall.
“Retail changes, and if you don’t change, you’ll fall behind,” Axtell said.
Both malls have a “sip and stroll” program, which allows patrons to buy an alcohol drink from a bar or restaurant at the mall and take it with them while walking around the common areas. The law allowing the program took effect in January, Rachel Forman, vice president of marketing for Vestar, said.
The centers are likely the only ones in the country with a program specific to shopping centers, and are the first in Arizona to take advantage of the change in the law. Some states and cities allow open containers in public or in certain spaces.
For subscribers:Developers set to demolish Mesa’s Fiesta Mall, once the ‘center of the universe’
Reach the reporter at cvanek@arizonarepublic.com. Follow her on Twitter @CorinaVanek.
SEE IT ALL WITH PHOTOS: https://www.azcentral.com/story/money/business/2023/04/24/vestar-owned-outdoor-malls-coming-to-cities-throughout-phoenix-area/70140065007/
Support local journalism Subscribe to azcentral.com today.
FROM ME: FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. Now is the time, if you are thinking of selling or purchasing your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County, Pinal County, Arizona / Office / Retail / Industrial / Multi-family / please call me on my cell 520-975-5207 or e-mail me walterunger@ccim.net. Investors and Owner / Users need to really know the market today before making a move. The market has a lot of moving parts. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands your needs. I am marketing my listings on Costar, Loop-net, CCIM, CREXi, Catylist, and various other web sites. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international
DISCOVER WHAT IS HAPPENING IN ARIZONA
History of Arizona from 900 BC – 2017 -Timeline.
What is a CCIM. In Business and in Life you don’t get what you deserve, you get what you Negotiate.
contact me if you want the me to get you the value of your property.
Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
Click here to find out what is a CCIM:
CLICK HERE TO VIEW ALL MY LISTINGS.
Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me?
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
History of Arizona from 900 BC – 2017 -Timeline.
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU PLEASE CALL ME
CLICK HERE TO VIEW ALL MY LISTINGS.
Also Call me if you need an estimated value of your Property.
Call me if you want to see a map with what is in the Construction Pipeline for Apartments.
Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
Check out my professional profile and connect with me on LinkedIn.
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
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