{"id":1004129456,"date":"2015-10-15T06:14:43","date_gmt":"2015-10-15T14:14:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004129456"},"modified":"2020-05-10T21:36:15","modified_gmt":"2020-05-11T05:36:15","slug":"phoenix-retail-center-gets-a-fresh-start","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-retail-center-gets-a-fresh-start\/","title":{"rendered":"Phoenix Retail Center Gets a Fresh Start"},"content":{"rendered":"

By Ioana Neamt, Associate Editor<\/em><\/p>\n

\"Tom<\/a>

Tom Burton of Alex. Brown Realty<\/p><\/div>\n

A joint venture between Alex. Brown Realty<\/a> (ABR) of Baltimore and Pivot Development has acquired the 106,656-square-foot Papago Marketplace in southern Scottsdale, Ariz., with plans to redevelop it into a first-class community retail center.<\/p>\n

The 49-year-old property is conveniently positioned between Tempe, Ariz. and downtown Scottsdale within the McDowell Road Corridor. Papago Marketplace also benefits from its proximity to SkySong\u2014the Arizona State University Scottsdale Innovation Center\u2014which encompasses 1.2 million square feet of office, multifamily, education, research and retail space.<\/p>\n

\u201cWe have already seen strong interest from prospective tenants, which we attribute to Papago\u2019s close proximity to SkySong, various apartment projects and the redevelopment plan,\u201d Tom Burton, ABR\u2019s chief investment officer, said in a statement.<\/p>\n

Papago Marketplace is currently 36 percent occupied by 22 tenants, and was last renovated in 1988. ABR and Pivot Development plan to invest significant capital to completely modernize the asset. The redevelopment effort will include the demolition of 38,000 square feet from the existing structure, the construction of additional pad sites and small shop space buildings, and the modernization of the building\u2019s fa\u00e7ade and overall architecture, among others.<\/p>\n

Image courtesy of Thomas Burton via LinkedIn<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A 106,656-square-foot retail center in the Phoenix metro is getting a new lease on life.<\/p>\n","protected":false},"author":192,"featured_media":1004129457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1601,21749],"tags":[],"class_list":["post-1004129456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-phoenix","category-retail"],"acf":[],"yoast_head":"\nPhoenix Retail Center Gets a Fresh Start - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/phoenix-retail-center-gets-a-fresh-start\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phoenix Retail Center Gets a Fresh Start\" \/>\n<meta property=\"og:description\" content=\"A 106,656-square-foot retail center in the Phoenix metro is getting a new lease on life.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/phoenix-retail-center-gets-a-fresh-start\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-15T14:14:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-11T05:36:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/AAEAAQAAAAAAAAUTAAAAJDljODlhZGU5LTg0ZWUtNGU4Zi1hMTkyLTUzYzkyYjk5NWQ4Ng.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/phoenix-retail-center-gets-a-fresh-start\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/phoenix-retail-center-gets-a-fresh-start\\\/\"},\"author\":{\"name\":\"Ioana Neamt\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/993af2799cdaf5162633d320cf63ff16\"},\"headline\":\"Phoenix Retail Center Gets a Fresh Start\",\"datePublished\":\"2015-10-15T14:14:43+00:00\",\"dateModified\":\"2020-05-11T05:36:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/phoenix-retail-center-gets-a-fresh-start\\\/\"},\"wordCount\":215,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/phoenix-retail-center-gets-a-fresh-start\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/10\\\/AAEAAQAAAAAAAAUTAAAAJDljODlhZGU5LTg0ZWUtNGU4Zi1hMTkyLTUzYzkyYjk5NWQ4Ng.jpg\",\"articleSection\":[\"Deals\",\"Investment\",\"Phoenix\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/phoenix-retail-center-gets-a-fresh-start\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/phoenix-retail-center-gets-a-fresh-start\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/phoenix-retail-center-gets-a-fresh-start\\\/\",\"name\":\"Phoenix Retail Center Gets a Fresh Start - 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