Featured in Phoenix Business Journal on Jan. 25, 2022.
SimonCRE focus on retail
SimonCRE currently has about 240 projects across the nation, including several across the West Valley, which has started to see retail growth pick up in recent years. Surprise ranked No. 18 among top U.S. growth cities in 2021 for where people were moving.
“The biggest thing that’s happened for the West Valley is the Loop 303 has really expanded that growth avenue,” Joshua Simon, CEO of Scottsdale-based SimonCRE, said at Friday’s event.
SimonCRE is currently developing projects such as Jackrabbit Ranch Marketplace in Buckeye and Village at Prasada, a 700,000-square-foot outdoor shopping center with retail, restaurants and a Fat Cats entertainment complex.
“Originally, it was dreamt in 2005, 2007 as a mall, and then the Recession hit, obviously that didn’t get built,” Simon said. “We had the opportunity working with RED [Development] and Macerich on reenvisioning the outdoor experience.”
The first phase of the project, which comprises 300,000-square-feet, is 100% leased or has a letter of intent for space. The next phase, which is about two years from being completed, could be closed out by the end of this year with tenants, Simon said.
Tenants include Sprouts Farmers Market, Ross, Ulta Beauty, Marshalls, Five Below and TJ Maxx, among others. Simon said they’re also close to signing a lease with Floor & Decor, Hobby Lobby and potentially DICK's Sporting Goods.