CVP acquired this 131,117 square foot neighborhood shopping center in January of 2016 on the southeast corner of Ray & Kyrene in the city of Chandler. The property is a well-located infill center in need of a more engaged ownership group to spruce up the parking lot, landscaping, tenant mix and engage potential pad development opportunities.
Immediately upon closure we pursued a three-pronged business plan. First, we spun off the two pad tenants: Walgreens Boots Alliance (WBA) and Vitamin Cottage Natural Grocers (NGVC), whose lease we signed pre-closing to fill a vacant Fresh & Easy building. Second, we are working with our tenants to upgrade spaces and extend their leases. Third, we are working on a strategic leasing plan to improve the occupancy rate at the shopping center while improving the tenant mix. Our efforts led to a long-term anchor lease with Christ’s Church of the Valley (CCV). CCV is now under construction and plans to open their chandler campus by the end of 2017.
Arcadia Management Group is heading up the property management efforts for the asset and Beau Flahart, Rommie Mojahed, and Eddie Gonzalez of SVN Desert Commercial Advisors lease the project. Tim Storey and Chad Metzger from Newmark Realty Capital brokered the financing with our lender, Western Alliance Bank.