Regional power centre Promenade at Casa Grande, located roughly halfway between Phoenix and Tucson, Arizona, has a new owner.
Utah-based PREP Property Group has acquired Promenade at Casa Grande, a regional shopping centre located in Casa Grande, Arizona, along Interstate 10, from New Jersey-based Lamar Companies for $63.1M. The transaction closed with Colliers representing Lamar in the transaction.
Spanning approximately 480,000sq ft, Promenade at Casa Grande features a wide array of tenants, including Harkins Theatres, Ross Dress for Less, Marshalls, HomeGoods, Burlington, Michaels, Ashley Furniture, PetSmart, Five Below and more. The property originally opened in 2007.
“PREP is excited to add Promenade at Casa Grande to our growing portfolio,” said Lloyd Sova, VP of Development & Acquisitions at PREP Property Group. “The centre benefits from an exceptional location within one of Arizona’s fastest-growing markets and serves as an important retail destination for the surrounding community. As Casa Grande continues to experience significant population and economic growth, we see substantial opportunities to leverage PREP’s leasing, merchandising, operational and redevelopment expertise to enhance the property’s performance and unlock additional long-term value.”
