New owners for San Tan Valley retail center

Skyline Ranch Marketplace, a 31-acre commercial site in San Tan Valley, has been acquired by Scottsdale-based Pennant Development and Tennessee-based real estate investment firm REALM.

The two companies have plans to develop the 165,500 square-foot retail shopping center at Hunt Highway and Gary Road.

The site will be anchored by a newly constructed WinCo Foods supermarket scheduled to open this year.

Other established retailers currently operating onsite include The Home Depot, Panda Express and Freddy's Frozen Custard & Steakburgers, according to a press release.

Leases have been signed with Ulta Beauty, Marshalls, HomeGoods, PetSmart and Five Below. Junior anchor tenants are slated to open over multiple construction phases through 2026, with project completion targeted for 2027.

The local chain Cold Beers & Cheeseburgers also has plans to open a new location at Skyline Ranch Marketplace with plans to redevelop the recently closed Denny’s on the northeast corner of Hunt Highway and Gary Road. The restaurant is expected to open late this year or early 2026.

"REALM is thrilled to be partnering again with Pennant Development on this important retail project," stated Travis King, founder and CEO of REALM, in a press release. "We are confident in the sustained growth of Phoenix and San Tan Valley and look forward to deepening our presence in this high-growth market."

REALM is an investment collective consisting of more than 100 ultra-high net worth individuals, family offices and foundations dedicated to direct real estate investing. 

Pennant Development was formed in January 2015 and is focused on developing and investing in neighborhood shopping centers in the Southwest, with multiple retail properties currently under development in Arizona and Nevada.