Evergreen Devco’s Chandler Pavilions shows resilience, 100% leased

Real Estate | 12 Apr |

Evergreen Devco, Inc., a leading retail, multifamily and industrial development company, announced that its Chandler Pavilions, a 163,594 square-foot high-traffic shopping center in Chandler, Arizona is 100% leased with multiple new tenant openings and one anchor tenant expansion.

Sportsman’s Warehouse, Lean Feast and Mountain Mike’s Pizza join a complementary mix of national and regional tenants at the regional shopping center, located at 800-890 North 54th Street.

Specialty outdoor retailer REI Co-op will expand its existing 25,206-square-foot location into the adjacent 14,476-square-foot vacancy. REI has had a presence in Chandler Pavilions since 2017. Once open in late spring 2022, the expanded retail location will be REI’s largest store in Arizona.


READ ALSO: JLL sells The Alexander and The Johnathan in Chandler for $86.5M


“Evergreen is very excited to see Chandler Pavilions showing retail resilience since our recent acquisition,” said Bryan Lamond, Vice President of Acquisitions at Evergreen Devco. “Evergreen’s creativity and willingness to move quickly and accept risk immediately following the onset of the COVID-19 pandemic allowed us to elevate the retail center and grow our value-add portfolio.”

Evergreen purchased the asset in July 2020. At acquisition, the Center was 72% leased with two anchor vacancies of 32,019 square feet and 14,476 square feet, respectively. Evergreen was quickly able to capitalize on its relationships and creative deal-making approach to secure a lease agreement with Sportsman’s Warehouse to occupy the 32,019-square-foot space in May 2021.

Lean Feast opened a new healthy to-go concept, replacing a BBQ restaurant space that was vacant at the time of acquisition, and Mountain Mike’s Pizza replaced Tokyo Joe’s fast-casual restaurant.

Originally built in 1998, Chandler Pavilions is shadow-anchored by Home Depot and Sam’s Club. The shopping center is comprised of retailers focused on health and well-being, with Bed Bath & Beyond and Cost Plus providing unique offerings for the home, and Sportsman’s Warehouse, Golf Galaxy and REI providing essential goods for the outdoor activities that have gained in popularity since the pandemic. Evergreen successfully amended several leases to reflect a more contemporary operating environment and provide more flexibility for future uses and amenities, like electric vehicle (EV) parking stalls.

Chandler Pavilions, with its position along the I-10 freeway and quick access to Loop 202, provides tenants visibility to more than 167,000 vehicles per day and provides for an expansive trade area, with more than one million residents within a 20-minute drive.

Phoenix Commercial Advisors marketed the Center for lease on behalf of Evergreen.

 

Show Buttons
Hide Buttons