Renovations are underway for the Shops at Dynamite Creek and three new tenants have signed leases at the new acquisition in Tatum Ranch at the northwest corner of Tatum and Dynamite boulevards.
Scottsdale Development Partner, 3821 E Devonshire Ave. in Phoenix, purchased the $10.5 million center in August 2020 during the pandemic when it was 69% occupied and noted to be in prime position for revitalization, according to a press release.
Upon closing on the property, Scottsdale Development Partners began planning renovations including clearing the natural wash that runs through the center of the property and renovating exterior walls of the buildings, which were repaired, patched, primed and repainted with a new color scheme, stated Scottsdale Development Partners President David Malin.
He is credited for the 69,755 square-foot center being 83% occupied with a $1.5 million renovation near completion under his direction.
“Everything you see today and all the renovations that we have completed in the last eight months of ownership is part of our long term vision for the shopping center,” said Mr. Malin in a prepared statement.
“When we purchased the center it had out-of-state ownership, and out-of-state property management and was being poorly managed and not leased properly. It was a shame to see. This center was fully leased only 10 years ago. The shopping center was in need of attention and now it’s great to see the center coming back to life. The Shops at Dynamite Creek is once again a vibrant venue and a center where neighbors and the community can gather for many years to come.”
Mr. Malin is negotiating a lease with another sit-down restaurant and letters of intent with several other prospective tenants. With 800- to 5,500-square-foot suites remaining, Scottsdale Development Partners will consider all uses including restaurant, retail, service, fitness and healthcare, noted the release.
The leasing velocity increased and the release said current tenants even noticed a difference.
“It’s amazing the difference we are experiencing having local ownership and local management. Folks in the community are coming out and spending their afternoons and evenings at the center. You can really see the impact first-hand what a huge difference a renovation can have on every business in this center,” said The Creek Patio Grill owner Mike Abraham in a prepared statement.
“We’ve been here for five years running, we are a very successful restaurant but even at our busy restaurant the revitalization efforts have rubbed off and we just started on a few renovations of our own to both of our patios.”
The release said the prior owner of the shopping center had not signed a lease with a new tenant in more than four years. The shopping center, which is 20 years old, has been repainted a new white and beige color with black accents.
New colored light fixtures were added to the center’s signature water fountain in between the Creek Patio Grill and Tailgaters. New landscaping and new roof tiles will be installed by the end of May to update the center's look, added the release.
Among the center’s new tenants are Loco J’s Tacos and Tequilas , a full-service sit-down Mexican restaurant and bar, OrthoArizona physical therapy facility and REMAX residential real estate office.