SimonCRE adds another large-scale project to its portfolio with the purchase of a 13.50-acre multi-pad center to be a $20 million project at build out in San Tan Valley, Ariz.
The center, located at the southeast corner of Ocotillo and Ironwood roads, features existing buildings including a Walgreens, Ace Hardware, McDonald’s, and two multi-tenant buildings. SimonCRE has plans to develop a 22,000-square-foot box for Goodwill, future additional retail space, and the outlot.
A new Safeway location opened at the northwest corner in late 2019, bringing a bustling amount of traffic to this intersection. Other neighboring tenants include Banner Urgent Care, O’Reilly Auto Parts, Brakes Plus, Taco Bell, and Filiberto’s.
Just south of the purchased site is the proposed Ironwood District, which will feature anchor and shop space. New housing developments Cambria at Ocotillo and Ironwood Crossing bring about 1,100 and over 2,350 single-family units, respectively.
“We have been adding more larger scale projects to our portfolio, such as this one, and are thrilled for the big changes we can further contribute to this thriving area,” said Joshua Simon, Founder and CEO of SimonCRE.
John Appelbe of Appelbe Commercial Real Estate represented the Seller, Relo Queen Creek, LLC, in the purchase of the center for $14,400,000.00.
Although SimonCRE has been mainly recognized for its single-tenant build to suit expertise, the company has adapted to focus on expansion through larger projects. Some of its notable ground up multi-tenant centers include The Steelyard, a 26,300-square-foot three-building retail complex in Chandler, Ariz.; Simon Medical Plaza, a 32,000-square-foot medical office building in Phoenix (Laveen); The Shops at Prasada Village, a 10,850-square-foot retail center within the Village at Prasada in Surprise, Ariz.; and Jackrabbit Ranch Marketplace, a 13.5-acre retail center in Buckeye, Ariz.