Featured in CoStar News on March 27, 2024.

Completed by developer SimonCRE in 2023 in the northwestern Phoenix suburb of Surprise, Arizona, Village at Prasada spans more than 700,000 square feet and is the first large-scale power center — where the bulk of anchor tenants are big-box retailers — built in the Western U.S. in more than a decade, according to regional brokers and developers.

The fast-growing Surprise area was originally targeted for a regional mall in the early 2000s, but the site sat undeveloped as prior proposed projects stalled out. For its results in bringing significant new retail and dining options to an underserved area while stimulating other local business development, a team of local judges awarded the project a 2024 CoStar Impact Award for commercial development of the year for Phoenix.

What the Judges Said: "With all the industrial development that has been occurring in the Loop 303 corridor, this project filled a huge need for retail amenities for the thousands of new employees working in the nearby facilities," said Jeff Foster, regional vice president and market officer for global logistics developer Prologis. "The need was there as evidenced by the 90% lease-up and strong roster of retail and restaurant establishments that executed leases."

ViaWest Group founding partner Steven Schwarz said developing a retail project of this magnitude "has been very difficult in recent years," and Village at Prasada "will have major economic impact for Surprise." Marcus & Millichap Vice President and regional manager Ryan Sarbinoff called the development a "massive shopping destination with an excellent mix of tenants" in a fast-growing community. Realty Economic Advisors Senior Vice President Stephen Leach noted the center's lease-up was accomplished in an otherwise difficult economic climate for retail development.

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