Park West Shopping Center in Peoria has a new owner after a $116.7 million sale, putting one of the West Valley’s larger open-air retail destinations under a company entering Arizona for the first time.
JLL Capital Markets announced Nov. 12 that CenterCal Properties acquired the center from CIRE Equity. The property is at 9744 W. Northern Ave., immediately west of Loop 101 near the Peoria-Glendale border.
JLL did not disclose the price in its announcement. AZ Big Media, citing commercial real estate database Vizzda, reported a transaction value of $116,707,423. A Phoenix Business Journal report republished by ORION Investment Real Estate said the center spans 19 parcels and the sale was completed through two transactions.
A first Arizona property for CenterCal
The acquisition gives CenterCal its first property in Arizona. JLL said the 254,982-square-foot center is 92% occupied and anchored by Harkins Theatres. Tenants include Fleming’s, Grimaldi’s, Athleta, BJ’s Restaurant & Brewhouse, Pita Jungle, See’s Candies, The Sicilian Butcher and Vans.
Park West opened in 2007. The city’s economic development office describes it as a 253,798-square-foot mixed-use center with more than 30 restaurants, shops, entertainment and fitness businesses, a 14-screen theater, 1,909 parking spaces and a public plaza with a splash pad.
The small difference between the city and JLL building-area totals likely reflects different property or measurement records. It does not change the reported sale price.
CIRE Equity bought Park West for about $34 million in 2017, according to published transaction records. The new price is roughly 3.4 times that amount in nominal dollars, although the comparison does not account for renovations, leasing changes, financing or inflation during the nine-year period.
Future pad development remains possible
The ownership change does not establish that new construction or tenant changes are imminent. JLL said the property offers future opportunities through additional leasing and development of remaining pad sites, but it announced no construction schedule or signed tenants.
A Park West leasing brochure identifies six pad areas around the existing center. Their listed areas total about 148,000 square feet, including pad concepts ranging from roughly 12,000 to 34,000 square feet. The brochure labels two pads as being at lease or under a letter of intent, which is not the same as a completed lease, approved site plan, building permit or construction start.
Peoria’s economic development page says pad sites have been offered for retail, restaurant, hospitality and entertainment uses. Any specific project would still need to clear the applicable city review and permitting steps.
The sale also carries regional significance because Park West sits along the Loop 101 commercial corridor near State Farm Stadium, Desert Diamond Arena and the unfinished VAI Resort complex. CenterCal now controls an established retail property with both current operating income and land that could support additional buildings.
The next milestones to watch are CenterCal’s management and leasing plans, any city filings for the remaining pads, and whether the new owner announces capital improvements or tenant changes.
Featured image: Original West Valley Post editorial illustration. It is representative and does not depict Park West’s actual design or site plan.
Comments
Join the conversation. Keep comments relevant, civil and focused on the story.