Phoenix investors plan to redevelop shopping center on Indian School

By Peter Corbett, The Republic | azcentral.com

A group of Phoenix investors bought a half-empty shopping center southwest of 32nd Street and Indian School Road for $16.75 million with plans to redevelop the 14.5-acre property.

DeRito Opportunity Investors LLC, affiliated with DeRito Partners, bought the 147,000-square-foot center from Bashas’ Inc. in a deal that closed last month.

The center is anchored by Howard’s Ace Hardware and a 41,500-square-foot Food City. The supermarket will be closing within 60 days, said Marty DeRito, DeRito Partners CEO.

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May 8, 2014

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