The Promenade at Casa Grande has a new owner.
Lamar Companies, a New Jersey-based proprietor of shopping malls, purchased the 125-acre shopping center on May 17.
According to the company, the “open-air town center provides a vibrant destination for shopping, dining and entertainment.”
“Promenade at Casa Grande is the dominant shopping center in the market, and we look forward to implementing our business plan to further improve the tenant mix and occupancy of the asset,” said Frank Maresca, vice president of Lamar Companies. “This particular deal fits very well with our investment strategy, which is focused on acquiring undervalued retail assets with both immediate and long-term growth potential.”