Harvard Investments, an Arizona-based real estate investment and development company is in escrow to sell two commercial pads within its Arrival at Cadence commercial center to Thompson Thrift Retail Group (TTRG), a wholly-owned company of Indianapolis-based Thompson Thrift. Cadence at Gateway, a vibrant 444-acre master-planned community in Mesa, Ariz. is located at the southeast corner of Ellsworth and Ray Roads, along the bustling Mesa Gateway corridor.
The two commercial pads are located opposite each other on the north and south sides of Cadence Parkway at the main entrance of the intimate master-planned community. TTRG is planning to build two multi-tenant shop buildings and anticipates welcoming Point 22 Tavern, Cork Crush Wine Bar & Beer House, NextCare Urgent Care, Athletico Physical Therapy, BoSa Donuts and a Nail Spa to its shops. TTRG’s tenants are anticipated to move in mid 2022.
“Thompson Thrift is bringing highly-anticipated retailers to our vibrant community and responding to Cadence residents’ requests for a variety of high-quality dining and retail options to enhance their lives,” said Tim Brislin, vice president of Harvard Investments. “We are proud to partner with Thompson Thrift at Cadence as they share our vison for this area’s potential. We appreciate their efforts to bring such a strong mix of businesses to Cadence. Many of these offerings, especially the wine bar, are the first of their kind in our area and we’re thrilled they chose Cadence.”
When Arrival at Cadence is fully built out, the center is planned to have approximately 130,000 square feet of commercial space consisting of approximately 20-25 diverse businesses. The first sales at Arrival happened in late 2020 to Mountainside Fitness and QuikTrip (QT). Mountainside is under construction and intends to open in the fall of 2021. QT intends to break ground in July 2021. Additional operators coming to Arrival include Black Rock Coffee Bar, Burger King and McDonald’s. Approved uses include retail, restaurants including quick service, sit-down and fast food, medical and offices.
“We’re excited to work with Harvard Investments to develop these premium retail pads at the entrance of one of most popular master-planned communities in Arizona,” said Chris Hake, senior vice president, director of the Southwest region for Thompson Thrift. “We’re proud to be 100 percent pre-leased prior to closing in an area of Mesa that continues to see strong growth as evidenced by the rapid sales of remaining homes at Cadence at Gateway. We look forward to adding additional best-in-class retailers to this project.”
This is the 28th project for TTRG in the Southwest since opening a Phoenix office in 2016. In addition to the Cadence development, TTRG’s 2021 Southwest pipeline is projected to include over $200 million in volume across the Phoenix metro area, including planned projects in Glendale, Gilbert, Tempe, Peoria, Maricopa, Tucson, Casa Grande and Peoria. Ed Beeh, Mike Polachek and Stephanie Davis of SRS Real Estate Partners represented both Harvard Investments TTRG in the sale transaction, and TTRG in the lease up of the shops. Cadence at Gateway is 444-acre master-planned community in Mesa’s magnetic Gateway corridor. Residents enjoy charming neighborhoods, abundant parks and a trail system that seamlessly connects the walkable community. Phase 1 is sold out and Phases 2 and 3 are experiencing enviable success in home sales. Cadence homes surround the community’s newly built elementary school as well as resort-style pools, basketball, tennis and bocce ball courts, all found at The Square, the popular community amenity center which comprises fitness facilities, a game room and meeting spaces.