(SimonCRE in June sold two retail facilities in the West Valley, including CG Shoppes, which is located at Cotton Lane and Greenway Road in Surprise and is leased to businesses such as Handel’s Homemade Ice Cream. / SIMONCRE)
By Audrey Jensen | Phoenix Business Journal
As retail recovers in the Phoenix metro from the effects of the Covid-19 pandemic, developers have continued making plans for building shopping centers across the Valley, including some new up-and-coming projects for the West side.
Joshua Simon, CEO of Scottsdale-based SimonCRE, which launched 2010, said in the past few years, retail activity in the West Valley has picked up “dramatically.”
SimonCRE is one of a several developers that has big plans for the West Valley, including a shopping center in Buckeye called Jackrabbit Ranch Marketplace and an 800,000-square-foot retail project in the master-planned Prasada community in Surprise.
The developer also recently received rezoning approval from Glendale for a planned 42,841-square-foot retail center a couple miles east of the Westgate Entertainment District in Glendale.
Some of the newest leases in the Buckeye marketplace include Macayo’s Mexican Food, Salad & Go, Ebb and Flow Coffee Co., Dollar Tree, Goodwill and other well-known fast food restaurants. SimonCRE also sold a facility fully leased to businesses such as F45 Training and Matt’s Big Breakfast in Glendale and another retail facility in Surprise in June.
In the third quarter, most retail construction occurred in the East and West Valley, according to report by Colliers International. About 144,070 square feet of retail space was under construction in the West Valley in Q3, while northwest Phoenix saw more than 213,000 square feet under development, according to Colliers. In total, Phoenix metro had more than 672,000 square feet of retail under construction in the third quarter.
Simon recently spoke with the Phoenix Business Journal to discuss his firm’s upcoming plans and the retail market in the West Valley.
