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.