SimonCRE has acquired 34.66 acres in Surprise in a multi-transactional sale totaling $12,180,824 for the development on Prasada North. The seller was the Church of Jesus Christ of Latter-Day Saints. The deal was made with a total of $200,000 down and a construction mortgage of up to $44,476,179 with National Bank of Arizona. The land is located on the northeast corner of Loop 303 and Waddell Road in Surprise.
DEEPER DIVE: Industrial development is slowing down as demand stabilizes
SimonCRE, a national commercial real estate development and acquisition firm, said recently that it has begun development on Prasada North, a new retail development that will amplify the expansive retail options provided by Village at Prasada. Located north of Waddell Road, this large development represents the developer’s ongoing investment in the West Valley. With many projects throughout the country being delayed due to shifting economic conditions, Prasada North is a commitment to supporting the continued growth of Surprise.
Following the overwhelming success in leasing Village at Prasada, the developer aims to provide additional retail options to the city. Village at Prasada is at 100% commitment for 700,000 square feet, and the developer believes that the continued interest in available space will carry over to this new project, providing more exciting options to residents. While projects are being put on hold due to mounting construction costs and uncertainty in the capital markets, the momentum of this project showcases the strength and resilience of the retail sector. With interest quickly climbing to rates between 6 and 8% and the Fed poised to increase rates an additional two times in their ongoing fight against inflation, the economy is struggling, and a recession is all but a foregone conclusion at this point.
