Phoenix-based Evergreen, a diversified real estate company, announced the purchase of a 1.43-acre, 9,000-square-foot retail pad located on the northwest corner of the Loop 303 & Waddell Road in Surprise, AZ, for $900,000.   The property is located on the Prasada’s Waddell Power Center, a 60-acre, 475,000-square-foot regional power center, anchored by a 151,000-square-foot Wal-Mart Supercenter.

Evergreen anticipates construction will commence during the third quarter of 2014, with completion projected during the first quarter of 2015. Lease agreements with new tenants are currently underway.

“The pad’s location in a retail center that is anchored by a Super Wal-Mart will provide tremendous visibility and traffic for tenants,” said  Laura Ortiz, Managing Principal at Evergreen Devco, Inc. “This project is a great opportunity for tenants to take advantage of an untapped, and under serviced trade area for retail goods and services.”

The site’s proximity to “303 AutoShow at Prasada”, the state’s largest autoplex, comprised of 250 acres featuring top name brands such as Chevrolet, Ford, Toyota, Chrysler, Jeep, Dodge, Nissan, Buick, and GMC, makes the Shops at 303 & Waddell an incredibly desirable location.

Evergreen is actively pursuing other PAD Shop Building opportunities and development opportunities in the Arizona market.