On behalf of institutional owner and investor Westwood Financial, Phoenix-based retail brokerage specialist Western Retail Advisors has completed a string of leases that bring the Agua Fria Plaza retail center in Phoenix’s West Valley to 100% leased.
The center, which is located at the southeast corner of 91st and Olive avenues in Peoria, sits directly along the Loop 101 Freeway, just north of State Farm Stadium, Desert Diamond Arena and the new VAI Resort, a water-themed development that – when opened in 2024 – will become Arizona’s largest hotel and entertainment destination.
Since securing the leasing assignment for Agua Fria Plaza, Western Retail Advisors Senior Vice President Bryan Ledbetter and partner Katie Weeks have completed 13 leases at the project totaling more than 20,000 square feet.
“Tenants continue to have an almost unfettered demand for high-quality metro Phoenix retail space. Agua Fria Plaza particularly shines with its freeway adjacency and almost direct access to the West Valley’s booming sports, entertainment, resort and residential developments,” said Ledbetter. “Special thanks to David Mitroff and Lauren Ball at Westwood Financial for their institutional-level expertise and for creating an environment where great leases can happen quickly and successfully.”
According to CoStar, metro Phoenix’s retail vacancy rate has fallen to approximately 5% – a record low that is driven, in part, by booming population growth in the market’s West Valley suburbs.
Agua Fria Plaza is anchored by a newly remodeled Fry’s Food & Drug store. Other tenants include Nationwide Vision, UPS, Foothills Sports Medicine, Wingstop, Subway and McDonalds. A just-signed, five-year deal with Beauty Parlour Salon totaling 1,200 square feet brings the project to fully occupied.
Based in Los Angeles, Westwood Financial owns, manages and operates over 125 high-quality shopping centers in top metropolitan markets across the U.S. Western Retail Advisors leases eight properties for the company in the Phoenix area.