(PHOENIX, Ariz.) The Shops at Dynamite Creek is proud to announce that renovations are underway and three new tenants have signed leases at the newly acquired center located in Tatum Ranch at NWC Tatum Boulevard and Dynamite Boulevard.
Scottsdale Development Partners purchased this $10.5 million center in August of 2020 during the pandemic when it was 69-percent occupied and in prime position for revitalization.
Under the direction of David Malin, this 69,755 square-foot center is now 83-percent occupied with a $1.5 million renovation almost complete.
Among the center’s new tenants are Loco J’s Tacos and Tequilas (4,000 sqft.), a full-service sit-down Mexican restaurant and bar, OrthoArizona (4,000 sqft.), a physical therapy facility and REMAX, a residential real estate office (2,000 sqft.). The prior owner of the shopping center had not signed a lease with a new tenant in over four (4) years.
Some of the center’s other current tenants include ACE Hardware, Honor Health, Tailgaters, The Creek Patio Grill and Dynamite Creek Animal Hospital.
Malin says upon closing on the property, Scottsdale Development Partners immediately started planning the renovations which include clearing out the natural wash that runs through the center of the property and renovating the exterior walls of the buildings, which were repaired, patched, primed and re-painted with a new color scheme. The shopping center, which is 20 years old, has been re-painted a new white and beige color with black accents. New colored light fixtures were added to the center’s signature water fountain located in between The Creek Patio Grill and Tailgaters. New landscaping and new roof tiles will be installed by the end of May to further give the center a new and fresh look.
“Everything you see today and all the renovations that we have completed in the last 8 months of ownership is part of our long term vision for the shopping center,” said Malin, President of Scottsdale Development Partners. “When we purchased the center it had out-of-state ownership, and out-of-state property management and was being poorly managed and not leased properly. It was a shame to see. This center was fully leased only 10 years ago. The shopping center was in need of attention and now it’s great to see the center coming back to life. The Shops at Dynamite Creek is once again a vibrant venue and a center where neighbors and the community can gather for many years to come.”
The leasing velocity has not only picked up, the existing tenants have noticed the difference. “It’s amazing the difference we are experiencing having local ownership and local management. Folks in the community are coming out and spending their afternoons and evenings at the center. You can really see the impact first-hand what a huge difference a renovation can have on every business in this center,” said Mike Abraham, owner of The Creek Patio Grill. “We’ve been here for five years running, we are a very successful restaurant but even at our busy restaurant the revitalization efforts have rubbed off and we just started on a few renovations of our own to both of our patios.”
Malin is negotiating a lease with another sit down restaurant (3,500 sf) and letters of intent with several other prospective tenants. With 800 to 5,500-square-foot suites still available, Scottsdale Development Partners says it’s open to all uses including restaurant, retail, service, fitness and healthcare.
Scottsdale Development Partners is located at 3821 E Devonshire Avenue in Phoenix, AZ 85018. To reach SDP please call (480)244-7070 or visit www.sdpretail.com.
For leasing information please contact Cameron Warren (602-373-5021) or Nick DeDona (480-586-4096) with Phoenix Commercial Advisors.
