Business

NewQuest Properties nearing completion of Chandler redevelopment

Posted 5/3/21

Houston-based NewQuest Properties will wrap up construction in mid-May at Chandler Ranch, where brands like 99 Ranch and a trio of newly signed restaurateurs from the west coast will open their first …

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Business

NewQuest Properties nearing completion of Chandler redevelopment

Posted

Houston-based NewQuest Properties will wrap up construction in mid-May at Chandler Ranch, where brands like 99 Ranch and a trio of newly signed restaurateurs from the west coast will open their first locations in Arizona.

With its eye on creating a food destination, NewQuest’s Asia-Pacific Retail Group has landed Kura Revolving Sushi Bar, Meet Fresh and Uncle Lee’s Kitchen for the 117,565-square-foot project at 1760 W. Chandler Blvd. in Chandler’s Price Corridor near Loops 101 and 202. To date, 87% of the class A retail space has been pre-leased, a gain of 52% since NewQuest purchased the former Andersen Fiesta Shopping Center in October 2019, according to a release.

“There are a lot of west coast restaurateurs and retailers looking to expand to Arizona. Until now, they hadn’t found the right opportunity or product,” Naoyuki Kondo, leasing specialist in NewQuest’s Asia-Pacific Retail Group, said in the release.

NewQuest has invested about $10 million into the shopping center’s makeover, including the addition of outdoor gathering spaces for the post-COVID era, new facades, lighting and signage. The anchor, 99 Ranch, will open its first grocery in Arizona in late May, backfilling a 44,442-square-foot former Basha’s store.

Kura Revolving Sushi Bar and Uncle Lee’s Kitchen have leased 3,311 square feet and 1,466 square feet respectively. Meet Fresh has roped off 2,400 square feet. The trio will open in the fourth quarter. David Uhles of Western Retail Advisors represented Kura’s while the other two leases resulted from direct negotiations with NewQuest’s specialized leasing group.

Chandler Ranch also will be home to the second Ramen Hood in the state. Tenant finish-out is underway on a 2,791-square-foot restaurant.

NewQuest is modeling Chandler Ranch after three Asian-focused retail projects in its portfolio – Carrollton Town Center and Frisco Ranch in North Texas and Katy Grand in west Houston, the release states.

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