The Crossing at Sahuarita Shopping Center Holds Ribbon Cutting Ceremony

Sahuarita, Arizona — Wadsworth Development Group in partnership with Accelerated Development Services held a ribbon cutting and grand opening ceremony Monday at The Crossing at Sahuarita Shopping Center in Sahuarita, Arizona.

The 150,000-square-foot center boasts a Sprouts Farmers Market, TJ Maxx, PetSmart, Beall’s Outlet, and several restaurants and shops to compliment the diverse tenant mix.  The project is located at the southeast corner of Nogales Highway and Abrego Drive in Sahuarita, Arizona, which is about 20 minutes south of Tucson.

Sahuarita Mayor, Tom Murphy cut the ribbon to the delight of the dozens of guests and spoke to the attendees.  “This is an exciting day for Sahuarita.  Things are heating up both figuratively and literally,” he said.  “It has always been the vision of the Town Council to be business friendly and think outside the box in how to get things done, and how to get more retail and jobs in the area.  This shopping center is one great example.”

The ownership group purchased the land in 2017 and soon developed the plans for the center, which spans 18 acres.  “I want to thank the entire team that made this project come to fruition,” said Kip Wadsworth, President of Wadsworth Development Group.  “From inception, to entitlements, zoning, construction and leasing the team, all worked tirelessly to meet deadlines and help the tenants open on time,” he added.

The Town of Sahuarita was instrumental in working through the steps in the development process to bring about the final project in record time.  “It was a pleasurable and enjoyable experience working with all town staff members from top to bottom in planning and zoning. Each and every town department provided a smooth transition from the start to the end of our entitlement process.  The vision for Sahuarita Crossing was an expedited and smooth process which could not have made without their extra efforts,” said Trey Eakin, Senior Vice President of Accelerated Development Services.

Velocity Retail Group leads the leasing team for the ownership group which also includes Brenna Lacey and Kevin Volk of The Volk Company as co-listing agents.  “The shopping center has experienced high customer volumes since Sprouts opened at the end of February. We will have additional tenant announcements soon that should please the residents in the area,” said Dave Cheatham, President of Velocity Retail Group.

 




Sprouts Anchored Shopping Center Sold for $25.75 Million

The Plant

Cushman & Wakefield Negotiates Sale of The Plant to Dallas Investor

PHOENIX, Arizona – Cushman & Wakefield, on behalf of Phoenix-based Common Bond Development Group, completed the sale of The Plant; a Sprouts Farmers Market anchored neighborhood shopping center. Located on the southeast corner of Gilbert and Ocotillo Roads in Chandler, Ariz., the property was purchased by Dallas-based Sarofim Realty Advisors for $25.75 million ($453 PSF).

Executive Managing Directors Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller.

Anchored by Sprouts Farmers Market, The Plant is a newly developed 56,831-square-foot neighborhood shopping center spanning 7.59 acres and is currently 100% leased to a complimentary collection of national, regional and local tenants. Approximately 81% of the Plant is leased to top-tier national tenants, including Dairy Queen, Café Rio and Starbucks.

“Common Bond spared no expense to create an irreplaceable neighborhood destination in the heart of Chandler and it was extremely attractive to a broad spectrum of investors,” said Ryan Schubert.




DDR Announces Proactive Project To Recapture Prime Anchor Store Locations

ddr logoBEACHWOOD, Ohio, DDR Corp. (NYSE: DDR) the owner and manager of 396 value-oriented shopping centers including Tucson Spectrum and representing 108-million-square-feet in 39 states and Puerto Rico announced Thursday the commencement of a multi-year proactive lease termination initiative aimed at recapturing high-quality anchor store locations across its portfolio.

Through this initiative, DDR is collaborating with retailers in the books, electronics, toys, office and traditional department store categories to right-size their real estate footprints by regaining control of locations in advance of natural lease expiration, where the Company can remerchandise its prime assets with market-share-winning tenants while realizing mark-to-market rental upside of 30-40%.

During the first phase of this initiative, DDR has identified 90 anchor locations, representing 3.3-million-square-feet of prime retail space that meet the Company’s criteria for accretive recapture. Of these leases, DDR has finalized terms to recapture 21 locations, representing 550,000-square-feet primarily located in Boston, Cleveland, Denver, Orlando, Phoenix, Raleigh and San Antonio.

“This initiative demonstrates our ability to create organic growth opportunities for our best-in-class retail partners regardless of current portfolio leased rate,” said Paul Freddo, senior executive vice president of leasing and development for DDR. “Recapturing below-market leases represents an incremental growth opportunity to upgrade asset-level merchandise mix and NOI growth profiles, while simultaneously expanding redevelopment opportunities that will further enhance the quality of our portfolio.”

Demand for new store growth from retailers such as Nordstrom Rack, Sprouts Farmers Market, Ulta, Whole Foods, Five Below, HomeGoods, Fresh Market, Marshalls, Trader Joe’s, White House Black Market, Gap Factory, Shoe Carnival, PetSmart and Carter’s represent a select group of merchants that DDR is in discussions with to backfill the recaptured locations. While 2014 will represent the initial period of acquisition, due to typical retailer black-out periods, the benefits of the remerchandising and mark-to-market opportunities will commence the second half of 2015.

The Company’s assets are concentrated in high barrier-to-entry markets with stable populations and high growth potential and its portfolio is actively managed to create long-term shareholder value. DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company.