{"id":1004751954,"date":"2025-03-25T05:04:55","date_gmt":"2025-03-25T13:04:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004751954"},"modified":"2025-03-25T05:04:57","modified_gmt":"2025-03-25T13:04:57","slug":"145m-phoenix-retail-project-moves-forward","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/145m-phoenix-retail-project-moves-forward\/","title":{"rendered":"$145M Phoenix Retail Project Moves Forward"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Signature-at-SanTan-Village_1-e1742897876422.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"2399\" height=\"1802\" data-attachment-id=\"1004751958\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/145m-phoenix-retail-project-moves-forward\/signature-at-santan-village_1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Signature-at-SanTan-Village_1-e1742897876422.jpg\" data-orig-size=\"2399,1802\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Signature at SanTan Village_1\" data-image-description=\"&lt;p&gt;Phase I of Signature at SanTan Village. Image courtesy of Kensington&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Phase I of Signature at SanTan Village. Image courtesy of Kensington&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Signature-at-SanTan-Village_1-e1742897876422.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Signature-at-SanTan-Village_1-e1742897876422.jpg\" alt=\"Rendering of Phase I of Signature at SanTan Village\" class=\"wp-image-1004751958\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">Signature at SanTan Village is part of a nearly 600-acre master-planned campus. <em>Image courtesy of Kensington<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Kensington Development Partners and IM Properties have acquired the development site for the first phase of Signature at SanTan Village, a 300,000-square-foot retail project in Gilbert, Ariz. Phase One construction is set to begin immediately.<\/p>\n\n\n\n<p>The joint venture is developing the $145 million project in partnership with state landowners and SanTan Development Group. The future retail center has already secured anchor tenants such as Whole Foods Market and DICK\u2019S Sporting Goods&#8217; House of Sport.<\/p>\n\n\n\n<p>Other potential tenants include Crate &amp; Barrel, Chewy, Starbucks, Fogo de Chao and Fidelity. Western Retail Advisors and Phoenix Commercial Advisors will support the ongoing leasing activity.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/retails-2025-outlook-a-tale-of-diverging-trends\/\">Retail\u2019s 2025 Outlook: A Tale of Diverging Trends<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Phase One will feature a 43,000-square-foot Whole Foods Market, a 119,397-square-foot House of Sport by DICK\u2019S Sporting Goods and three stand-alone pads.<\/p>\n\n\n\n<p>The development will take shape on 30 acres at the intersection of Santan Village Parkway and Williams Field Road near the 1.2 million-square-foot SanTan Village lifestyle center. When complete, the property will serve approximately 53,900 individuals within a 5-mile radius, with an average household income of $120,891, according to Kensington.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-part-of-a-massive-development\">Part of a massive development<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Signature-at-SanTan-Village_2-e1742897975574.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1864\" height=\"1400\" data-attachment-id=\"1004751966\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/145m-phoenix-retail-project-moves-forward\/signature-at-santan-village_2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Signature-at-SanTan-Village_2-e1742897975574.jpg\" data-orig-size=\"1864,1400\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Signature at SanTan Village_2\" data-image-description=\"&lt;p&gt;Phase I of Signature at SanTan Village. Image courtesy of Kensington&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Phase I of Signature at SanTan Village. Image courtesy of Kensington&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Signature-at-SanTan-Village_2-e1742897975574.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Signature-at-SanTan-Village_2-e1742897975574.jpg\" alt=\"Phase I of Signature at SanTan Village\" class=\"wp-image-1004751966\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">Phase I of Signature at SanTan Village will be followed by a 115,000-square-foot Phase II. <em>Image courtesy of Kensington<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Signature at SanTan Village is part of a nearly 600-acre mixed-use campus. At full build-out, that master-planned property will encompass 3 million square feet of retail and entertainment venues, office spaces, residential units and hospitality services. Adopting recent <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-market-trends\/\">retail trends<\/a>, the project aims to create a community hub that caters to a wide range of needs and preferences.<\/p>\n\n\n\n<p>Phase Two will expand the development by approximately 115,000 square feet. It&#8217;s set to include a variety of shopping and dining establishments, including stand-alone buildings and spaces for junior anchor tenants.<\/p>\n\n\n\n<p>The Phoenix retail sector has remained somewhat resilient, with more than 1 million square feet under construction in the fourth quarter of last year, according to a recent CBRE report. New deliveries totaled 182,211 square feet, while only 17,321 square feet broke ground in Q4.<\/p>\n\n\n\n<p>Meanwhile, the vacancy rated clocked in at 5.7 percent, up 20 basis points over the quarter. The average asking rent reached $18.25 pet square foot, marking a 2.6 percent rise from Q3.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The development is part of a 600-acre master-planned campus.<\/p>\n","protected":false},"author":3014,"featured_media":1004751958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21742,1601,21749,15],"tags":[52458,33004],"class_list":["post-1004751954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-latest","category-phoenix","category-retail","category-west","tag-western-retail-advisors","tag-whole-foods-market"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$145M Phoenix Retail Project Moves Forward - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Kensington Development Partners and IM Properties acquired the site of the first phase of Signature at SanTan Village in Gilbert, Ariz.\" \/>\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\/145m-phoenix-retail-project-moves-forward\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$145M Phoenix Retail Project Moves Forward\" \/>\n<meta property=\"og:description\" content=\"Kensington Development Partners and IM Properties acquired the site of the first phase of Signature at SanTan Village in Gilbert, Ariz.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/145m-phoenix-retail-project-moves-forward\/\" \/>\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=\"2025-03-25T13:04:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-25T13:04:57+00:00\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Signature-at-SanTan-Village_1-e1742897876422.jpg\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/145m-phoenix-retail-project-moves-forward\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/145m-phoenix-retail-project-moves-forward\/\",\"name\":\"$145M Phoenix Retail Project Moves Forward - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/145m-phoenix-retail-project-moves-forward\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/145m-phoenix-retail-project-moves-forward\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Signature-at-SanTan-Village_1-e1742897876422.jpg\",\"datePublished\":\"2025-03-25T13:04:55+00:00\",\"dateModified\":\"2025-03-25T13:04:57+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Kensington Development Partners and IM Properties acquired the site of the first phase of Signature at SanTan Village in Gilbert, Ariz.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/145m-phoenix-retail-project-moves-forward\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/145m-phoenix-retail-project-moves-forward\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/145m-phoenix-retail-project-moves-forward\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Signature-at-SanTan-Village_1-e1742897876422.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Signature-at-SanTan-Village_1-e1742897876422.jpg\",\"width\":2399,\"height\":1802,\"caption\":\"Phase I of Signature at SanTan Village. 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