Just south of Metrocenter Mall, situated at the northwest corner of Dunlap Avenue and the I-17 Freeway, sits a major retail center on the verge of redevelopment. The property, which features approximately 210,000 square feet of retail space on just over 15 acres of land, is known as Metro Marketplace and its new owner has big plans.
Last week, Phoenix developer Jeff Geyser purchased the property for $5.8 million. A team of CBRE brokers, including Greg Abbott, Bill Bones and Chris Ryan, brokered the sale. The seller was Conn’s, Inc.
“Historically, this property has been tied up in various national portfolios and has seen little to no attention from ownership,” said CBRE’s Abbott, whose team also has the marketing and leasing assignment for the project. “As a local owner with significant experience, Jeff understands the nuances of the market. He wants to see this become a successful, thriving part of the Northwest Phoenix community.”
Geyser is excited about the possibilities. A principal and co-founder of Tempe-based developer Lawrence & Geyser Development, he is no stranger to infill redevelopment projects. Geyser has completed more than 30 infill redevelopment projects across three states, including many in the city of Phoenix. This experience will prove invaluable as he and his team take on Phoenix’s first significant power center redevelopment since 2008.
Although still in the preliminary planning stages of the redevelopment, Geyser points to the renaissance of Metrocenter Mall immediately to the north and growth in the area as something that will help guide the vision for the property.
“Metro Marketplace is one of the most significant infill redevelopment sites in the Valley. It contains all of the commercial property fronting Dunlap and I-17 on the south side of MetroCenter Mall,” said Geyser. “The entire north side of the mall has already been redeveloped and now Wal-Mart is under construction on the south side.
“With light rail coming to the area, maybe as soon as 2019, and an immediate population that’s projected to grow by more than four percent in the next five years, I think the timing for Metro Marketplace is perfect. The opportunity to do something really impactful here is huge.”
Currently, there are several retailers and restaurants at Metro Marketplace, including Subway, Catherine’s, Denny’s and Schlotzsky’s. There is also a Conn’s HomePlus onsite, but it is not a part of the project. The property is zoned C-2, but Geyser has not ruled out a rezoning to allow other uses on the 15-acre parcel. The CBRE team has already had significant interest from additional retailers, as well as multi-family, office, medical and educational users.
The site boasts 550,000 residents within a 15-minute drive and sees more than 225,000 cars pass by daily. The Black Canyon corridor is one of the Valley’s major employment centers, with a number of major corporate employers within a short driving distance to Metro Marketplace. Additionally, there are approximately 40,000 college students within five miles of the mall because of nearby ASU West and Glendale Community College.