(Editor’s note: News releases are published as submitted unless there are errors of fact.)
June 4, 2019 – PHOENIX – Capital Asset Management, Phoenix, the property manager for the historic 1970s Metrocenter Mall, owned by Carlyle Development Group, New York, brokered the first of several anticipated redevelopment projects for the 1.4 million-sq.-ft. retail center, located at I-17 and Dunlap in Phoenix. The 150,000 sq.-ft. former JCPenney site has been sold to a development group based out of Denver, Colo. with the intention of redeveloping the property into a higher, more contemporary use.
“I was impressed at the condition and occupancy when we took over the management of Metrocenter in September of last year. Like others, I thought the mall was closed, but really we need to tell the great story of all that has been planned and is underway.” stated Rachelle Strole, owner of Capital Asset Management.
“The interior condition of the mall is amazing; over $32 million has been spent on the interior of the mall in the last 10 years. The mall also boasts an impressive amount of tenants who have remained there for many years, through these changes. That really inspired us to contemplate something bigger and better for the tenants and surrounding community.”
Since September, efforts have been focused on a redevelopment plan that will greatly improve the area while encouraging the neighborhoods to remember to come visit all of the current tenants, including events such as multiple charity events using the space to build a sense of community.
“We just signed the largest food truck group, Arizona Festivals, to provide monthly food truck events at the site, and many other initiatives that are drawing attention and traffic to the center,” Strole said.
This is a dense residential area of Phoenix, over 500,000 people in a five-mile radius. The median income is $70,000 in the area and the iconic center is situated adjacent to Phoenix’s busiest major interstate with ample parking on-site.
The history of Metro Center has been critical to the growth of Phoenix for over 40 years, with over 1.4 million square feet of space, it was both the largest mall in Arizona and the first two-story mall in Arizona. As the format and vision of successful malls evolves throughout the United States, Metrocenter has recognized the need to follow suite. To accomplish that, Carlyle Development Group has re-zoned the Metrocenter property for residential and restaurant use, with the Walmart store occupying a vacant space in 2017. Additionally, the Valley Metro Rail expansion, expected to extend to this area by 2023, could attract professional office spaces and family and senior housing.
This redevelopment deal is a reflection of Capital Asset Management’s continued focus on creating community while adding quality projects to their portfolio, including the most recent 7th Street and Townley Walgreens retail center redevelopment, Chandler Heights and other notable projects throughout the Valley.
For leasing inquiries, contact Scott Smith or Valorie Martin at 602-489-7990.
Photo Caption: Rendering of the first redevelopment phase of Metrocenter Mall, brokered by Capital Asset Management.
About Capital Development Group/Capital Asset Management:
With offices in Phoenix, Los Angeles, and Las Vegas, CDG is a division of Capital Asset Management, a full-service real estate firm specializing in the management, brokerage and development of commercial assets. Since 1994, Capital Asset Management has established a track record as a competitive, connected and conscientious real estate firm with partnerships throughout the industries it serves. For more information, visit https://camcre.com.