IN THE NEWS

Recent news, press releases, and company updates

West Coast’s First Major Power Center in Over a Decade to be Developed by SimonCRE

  

Village at Prasada will be a 700,000-square-foot-plus development attracting major retailers to one of metro-Phoenix’s fastest growing suburbs, Surprise, Arizona.

 

SimonCRE, a national commercial real estate acquisition and development company, announced today that it is developing Village at Prasada, the West Coast’s first major power center in over a decade. Located in Surprise, Ariz., one of the fastest-growing suburbs of metro-Phoenix, Village at Prasada will seamlessly bring together both nationally-recognized brands, as well as local favorites with more than 700,000 square feet of shops, a restaurant row, and entertainment.


Serving as a beacon for the retail industry’s upward trajectory post-pandemic, Phase One development of Village at Prasada will include over 330,000 square feet that commences construction in December 2021. Phase Two will add another 250,000 when construction commences in 2022.


Village at Prasada already has commitments for over 90 percent of the planned space, having executed leases with national retailers such as TJ Maxx, HomeGoods, Marshalls, Five Below, Ulta, plus hometown favorites PetSmart and Sprouts Farmers Market. Additionally, a lineup of restaurants that Surprise residents will love includes O.H.S.O., a local nano-brewery & distillery with four current locations around the Valley, and the latest location of Barrio Queen, an award-winning authentic Mexican fine-dining establishment. There will also be a 61,000-square-foot entertainment concept with bowling and movies called FatCats.


“We are thrilled to bring local restaurateurs to the residents of Surprise so they don’t have to travel outside their community for more local dining options,” said Eric Termansen, Founder of Western Retail Advisors.


“SimonCRE’s involvement in the master plan of this project was born out of a desire to not only address an unfilled demand for retail in Phoenix’s West Valley, but to be trendsetters by building the West Coast’s first major power center in over a decade,” said Joshua Simon, CEO and founder of SimonCRE. “The decision to develop Village at Prasada was made along with our business model’s natural evolution into acquiring and developing more multi-tenant centers. This is only the beginning of what is to come.”


The continued acceleration of the region’s population growth is another reason SimonCRE is committed to leading this new wave of large-scale development. As the fastest-growing city in the United States, Phoenix grew 11.2 percent between 2010 and 2020, surpassing Philadelphia as the nation’s fifth-largest city. The population of the City of Surprise alone has grown 72 percent since 2004.


“As the first major West Coast retail power center to emerge in more than a decade, this new SimonCRE development in the City of Surprise is leading, elevating and accelerating the quality of life locally and throughout the northwest Greater Phoenix Loop 303 economic corridor,” said Jeanine Jerkovic, CEcD, City of Surprise Economic Development Director. “We are thrilled to welcome new dining, shopping and entertainment amenities that offer a retail destination of choice for our growing numbers of residents, visitors and regional workforce.”


Village at Prasada will be the retail component for a 3,355-acre master-planned development, Prasada, that will bring medical services, hospitality, residential and employment to the community of Surprise.


SimonCRE is slated to complete about 600,000 square feet of retail space in the Phoenix market over the next 24 months, with more than 1.2 million square feet developing nationally at that time. Near future plans include the unveiling of more tenants at Village at Prasada, followed by significantly more development activity in the area.

 

For more information about the development of Village at Prasada, visit VillageAtPrasada.com or on Facebook and Instagram.

About SimonCRE
SimonCRE is a full service commercial real estate development and acquisition company that was founded in 2010 by Joshua Simon. The firm has developed and leased over three million square feet across the United States. SimonCRE specializes in ground up development, redevelopment, single-tenant build to suits, and multi-tenant building projects. The company has over 50 projects, totaling approximately $300 million in construction planned for 2021. SimonCRE is headquartered at 6900 E. 2nd St., Scottsdale, Ariz. 85251. For more information, please call 480.745.1956 and visit SimonCRE.com.

New Development Commercial Real Estate Development Planning Retail Trends