Business Real Estate Weekly by Rose Law Group
Chandler/Gilbert/Queen Creek/Pinal County – Very few retail buildings have been built in the Phoenix area over the past few years, but that trend may be changing as 600,000 sq. ft. of space is planned in four shopping centers in the Southeast Valley alone. De Rito Land Development LLC in Phoenix (Jerry Friedman, Doug Himmelberger, Marty De Rito, principals) is under contract to acquire properties in Chandler, Gilbert, Queen Creek and Pinal County to develop the centers. De Rito Land Development is buying 82 acres of retail sites in four deals totaling around $21.5 million. The parcels range in size from 15 to 27 acres. All of the projects have 2015 targeted construction starts. Retail development tends to follow new housing roof tops and the Southeast Valley has been a leader in home building permits issued in the Phoenix area during the past few years. Marty De Rito and Himmelberger are teaming up to develop the projects with Friedman, who is the former president of Kimco Developers Inc., a subsidiary of Kimco Realty Corp. in New Hyde Park, N.Y. (NYSE:KIM). Over the past 20 years, De Rito and various affiliates and partners have developed more than 5 million sq. ft. of retail buildings in the Valley. The newly formed De Rito Land Development is looking for properties in the Phoenix area that are suited for neighborhood and community centers. Continue reading
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