Lamar Acquires 550 KSF Phoenix-Area Shopping Center

In partnership with Real Capital Solutions, the company purchased a segment of Promenade at Casa Grande, a 1 million-square-foot retail property in Casa Grande, Ariz.
Promenade at Casa Grande, Casa Grande, Ariz.
Promenade at Casa Grande, Casa Grande, Ariz.

Lamar Cos. has added Promenade at Casa Grande in suburban Phoenix to its portfolio. In a partnership with Real Capital Solutions, the shopping center owner and operator acquired a 550,000-square-foot segment of the 1 million-square-foot retail asset.

“This particular deal fits very well with our investment strategy which is focused on acquiring undervalued retail assets with both immediate and long-term growth potential,” Frank Maresca, vice president, Lamar Cos., said in a prepared statement.

An open-air shopping center, Promenade made its debut in 2008, as the result of a joint venture between WDP, Macerich and the Pederson Group. The retail property occupies a 125-acre site and holds the distinction of being the largest shopping center between Phoenix and metropolitan Tucson.

As part of its business plan for Promenade, Lamar will improve the shopping center’s tenant mix and increase its occupancy level.

Suburban appeal

Promenade marks Lamar’s fourth acquisition in the thriving metropolitan Phoenix market; however, the company has been eyeing various MSA investments. In October of 2017, Lamar acquired The Shops at High Street, a 114,000-square-foot retail center with an additional 96,700 square feet of expansion space near the College of William and Mary in Williamsburg, Va. Also during the third quarter, the company purchased Centennial Plaza just outside Chicago, in Addison, Ill.

“Lamar Cos. continues to search for opportunities to acquire well-located retail assets in strong growth markets across the United States,” Kyle Hayes, director of acquisitions with Lamar Cos. told Commercial Property Executive. “This marks our 19th acquisition with Real Capital Solutions and we look forward to continuing our strong partnership and further expanding our portfolio throughout the remainder of 2018.”

Image courtesy of Lamar Cos.