SimonCRE Sells Part of Prasada Shopping Center for $32 Million: A Major Move in Arizona’s Real Estate Market
The West Valley’s real estate scene has seen another major development as SimonCRE, a Scottsdale-based retail development firm, sold a portion of its Prasada Shopping Center in Surprise, Arizona, for $32 million. The buyer? Curbline Properties, a Beachwood, Ohio-based real estate investment trust (REIT). This deal represents a strategic move for both parties and underscores the continued growth of retail investment in Arizona.
The Details of the Deal
Curbline Properties acquired seven acres of prime retail space within the Prasada North project, a bustling commercial hub near Loop 303 and Waddell Road. This portion of the shopping center spans 34,000 square feet and includes established tenants like Shake Shack, Starbucks, Torchy’s Tacos, Einstein Bros. Bagels, and Portillo’s Hot Dogs. The sale was conducted off-market and entirely in cash, signaling the strength of Curbline’s investment strategy.
Joshua Simon, the CEO of SimonCRE, emphasized that the sale was part of a broader effort to “crystallize value” and “de-risk” the asset. However, SimonCRE is far from exiting the scene. The company still retains ownership of the remainder of Prasada North, which totals 350,000 square feet and boasts an impressive 89% lease rate.
A Vision for the Future
SimonCRE’s decision to sell reflects a deliberate strategy to balance its portfolio while maintaining control over the long-term vision for Prasada. “We can lock in some of our value, take some chips off the table, but still make sure the ownership of the shopping center stays in somebody’s hands that we feel have the same goals,” Simon explained.
Curbline Properties, a spin-off of Site Centers Corp., shares a similar vision for the property. With a focus on retail investment, the REIT sees the acquisition as a solid addition to its growing portfolio.
Prasada’s Broader Impact
The Prasada Shopping Center has been a cornerstone of Surprise’s retail development. The 350,000-square-foot Prasada North is an extension of the already successful 700,000-square-foot Village at Prasada, which opened two years ago. Anchored by major brands like Target, Nordstrom Rack, Arizona’s first Sierra Trading Post, and Old Navy, Prasada North continues to attract retail giants and high foot traffic.
The development’s success isn’t isolated. South of Surprise, projects like Verrado Marketplace in Buckeye and Black Mountain Village in north Phoenix indicate that retail development across the Phoenix metro area is booming.
Why This Matters
This sale highlights several trends in Arizona’s real estate market. First, it demonstrates the growing appeal of the West Valley for investors seeking stable, income-generating properties. Second, it reflects a broader shift where developers like SimonCRE are leveraging their assets to mitigate risk while reinvesting in future growth.
For Arizona real estate investors, this move underscores the importance of keeping an eye on high-demand retail hubs like Prasada. Whether you’re considering commercial or residential investments, these developments showcase the ongoing growth potential in the Phoenix metro area.
Final Thoughts
SimonCRE’s $32 million sale of a portion of Prasada North is a clear signal of confidence in the Arizona retail market. With more developments planned and tenant interest remaining high, Prasada and similar projects are reshaping the real estate landscape in Maricopa County. Investors and stakeholders alike should watch closely as these dynamic retail hubs continue to evolve.
