Sunbelt Investment Breaks Ground on Phoenix-Area Shopping Center

Sunbelt Funding Holdings Inc. has damaged floor on Buckeye Commons, a 410,000-square-foot retail heart in Buckeye, Ariz.

Buckeye Commons will function 18 buildings of varied sizes throughout 64 acres. Butler Design Group serves as important architect, together with CHASSE Constructing Crew as basic contractor.

A 160,938-square-foot Costco retailer will anchor the retail heart upon its completion. Costco Wholesale Corp. paid 5.7 million for the 22-acre web site in November 2022, based on Maricopa County data, and the shop opened final July.

The developer, alongside a Phoenix Industrial Advisors group, has already executed leases with Starbucks, Jimmy John’s, Over Simple, The Joint Chiropractic, State Farm and DIP Nail Bar. Negotiations are at the moment underway for a further eight leases, which, when mixed with current agreements, embody roughly 60 % of the buying heart’s first part, together with retailers and pads. The primary retailer is predicted to open in mid-2025.

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The event of the Buckeye Commons undertaking additionally contains an settlement with the Metropolis of Buckeye, based on AZBEX. Round $8 million will likely be reimbursed by the town for public infrastructure enhancements within the space, similar to putting in a everlasting four-lane avenue with numerous elements.

An space booming with residential progress

Situated on the intersection of Interstate 10 and Verrado Means, within the Western Maricopa County submarket, Buckeye Commons is in a quickly growing space the place the each day site visitors depend reaches roughly 200,000 automobiles per day, based on the developer. The middle will rise adjoining to Buckeye Commons West, one other considered one of Sunbelt’s deliberate retail facilities.

Phoenix continues to be one of many fastest-growing cities inside the U.S., with the variety of households growing by 2.0 % year-over-year to 1.9 million, a Cushman & Wakefield report exhibits. Roughly 475,000 sq. ft of recent retail area had been underneath building within the metro on the finish of 2023, whereas the emptiness charge clocked in at 4.9 %.