Phoenix – A company formed by De Rito Partners in Phoenix (Marty De Rito, Iver Bowden, principals) plans to purchase and redevelop a retail plaza in Central Phoenix that is located at the southwest corner of Indian School Road and 32nd Street. The 147,000-square-foot center, which is anchored by a Food City grocery, is owned by Bashas’ Inc. in Chandler (Edward Basha, III, pres.). Sources say the De Rito Partners entity has agreed to acquire the property in a roughly $15 million deal set to close in March. The sale is being negotiated by Nate Nathan, Dave Mullard, Casey Christensen and Courtney Buck of Nathan & Associates Inc. in Scottsdale. Phoenix architects Irwin Pasternack and Cathy Hayes are working on design plans for redeveloping the plaza. Continue reading
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