CVP acquired this 82,373 square foot neighborhood shopping center in August of 2016 on the southeast corner of Gilbert & McKellips Road in the city of Mesa. The property is a well-located infill center in need of a more engaged ownership group to spruce up the tenant mix and engage potential pad development opportunities.
Dollar Tree Stores, Inc. signed a lease (pre-closing) for a newly created 10,000 square foot Jr. Anchor space. We subdivided the space and opened Dollar Tree in February of 2017. Desert Fitness signed a lease for the other 10,000 square feet and opened in July of 2017.
We’ve engaged Starbucks Coffee Company for a new build to suit project in the shopping center. We completed the construction and Starbucks opened in September of 2017. Joe Compogno of CBRE marketed and sold the Starbucks project for our partnership in October of 2017. Please see more about the completed project here.
We’ve extended the anchor tenant lease for Kids That Rip (see video) and will assist in a renovation project for our anchor tenant. We expect this updating to the current anchor tenant and adding the new tenant energy, Village Grove will continue to enjoy the success it has over the years. We are currently 100% leased.
Arcadia Management Group is heading up the property management efforts for the asset. Rommie Mojahed and Beau Flahart at Sperry Van Ness lease the project. Tim Storey and Chad Metzger from Newmark Realty Capital brokered the financing with our lender, Western Alliance Bank. Rommie Mojahed and Beau Flahart at Sperry Van Ness represented CVP on this acquisition.