A national commercial real estate development and acquisition firm has purchased a 13.50-acre multi-pad center that will grow to a $20 million project at build-out in San Tan Valley.
Purchased by SimonCRE for more than $14.4 million, the center is at the southeast corner of Ocotillo and Ironwood roads. It currently houses a Walgreens, Ace Hardware, McDonald’s and two multi-tenant buildings.
SimonCRE has plans to develop a 22,000-square-foot box for Goodwill, add additional retail space and an outlot. Outlots, or pads, are standalone sites on which a customized space can be built and/or leased for a tenant.
A new Safeway opened at the northwest corner of Ocotillo and Ironwood roads in late 2019, bringing a bustling amount of traffic to the intersection. Other neighboring tenants include Banner Urgent Care, O’Reilly Auto Parts, Brakes Plus, Taco Bell and Filiberto’s.
Just south of the purchased site is the proposed Ironwood District, which will feature anchor and shop space. New housing developments Cambria at Ocotillo and Ironwood Crossing bring about 1,100 and more than 2,350 single-family units, respectively.
SimonCRE has been mainly recognized for its single-tenant build-to-suit expertise. However, the company adapted to focus on expansion through larger projects such as the multi-pad it just purchased.
“We have been adding more larger scale projects to our portfolio, such as this one, and are thrilled for the big changes we can further contribute to this thriving area,” said Joshua Simon, founder and CEO of SimonCRE.
John Appelbe of Appelbe Commercial Real Estate represented the seller, Relo Queen Creek LLC, in the purchase of the center.
Some of SimonCRE’s notable ground up multi-tenant centers include The Steelyard, a 26,300-square-foot three-building retail complex in Chandler; Simon Medical Plaza, a 32,000-square-foot medical office building in Laveen; The Shops at Prasada Village, a 10,850-square-foot retail center within the Village at Prasada in Surprise; and Jackrabbit Ranch Marketplace, a 13.5-acre retail center in Buckeye.