Fry’s Plaza

This tired, 119,264 square foot grocery-anchored center in an infill blue collar neighborhood was acquired in 2001 from an institution at a high cap rate because the anchor tenant, Fry's Food & Drug, only had 1 ½ years remaining on their lease prior to the purchase. Through a relationship with Fry's, it was determined that they wanted to remain at the site if certain improvements were made. Arizona Partners went to work to remodel the site and simultaneously work out a long-term lease extension with Fry's whereby they would also remodel their store.

Several new retailers like Panda Express, GameStop and Dollar Tree were brought to the site. Eventually, Fry's wanted to add gas to the site, so additional terms were added to the Fry's lease and Fry's made a further investment in the center.

Please wait for images to load

The Borgata

The 93,000 square foot, well-known specialty retail center was purchased in 2012 for $13,000,000 with a joint venture partner, AV Homes. The 30-year-old center was in an excellent location serving the upper-end market of Paradise Valley and Scottsdale, but suffered from high vacancy due to a dysfunctional design and obsolescence.

The purchase was made with a vision to convert the back half of the center - the obsolete portion - into multifamily. Arizona Partners began negotiating with the 50,000 square feet of existing tenancy to relocate them, or to buy them out of their leases, and the partnership put a very qualified team together to begin its rezoning process.

Within 12 months, Arizona Partners had reached agreement with all of the tenants to leave, and the rezoning was approved to allow for 240 high-end units and to allow the front half to operate as a separate commercial parcel. With the rezoning complete, the partnership split the project into two parcels with AV Homes taking the multifamily portion and Arizona Partners taking the front commercial portion, which was comprised of two highly coveted restaurant buildings.

Arizona Partners then made improvements to the commercial portion to add parking, enhance the fascia and add square footage. In addition, we replaced one of the restaurant tenants with a nationally recognized restaurant operator and increased the rent on that building significantly. Upon completion, Arizona Partners refinanced the center, thereby pulling out all of the equity and creating a good long-term cash flow.

Please wait for images to load

Scottsdale and Shea

This 277,000sf Neighborhood grocery/theater anchored center was purchased on October 2011 for $50,320,000. Although the center was in an excellent location it had been operated by the family that built it in the late 70’s who were not sophisticated in shopping center operations or management.

Since the purchase, AZP has improved the center in a number of areas thereby substantially increasing the NOI . We renegotiated with Safeway to add 20 years to the current lease, expand their store an additional 10,000sf, as well as giving them the ability to add a gas pad. We removed an old vacant Restaurant/Bar and have added a McDonald’s drive-thru pad. Also, we renegotiated the theater lease to add 12 years on to the lease term and increase the rent by 40%

A new color scheme and updated sign package was used to updated the center and give it a fresh new look. Several non-credit tenants have been replaced with credit tenants such as Hallmark, Jimmy John’s, GNC, Sports Clips, and Jason Deli. Many restaurants in the center near the theater have above average per square foot sales which we wanted to capitalize on, so by creating a restaurant district and adding additional patio space and other restaurants we have see an even bigger increase in their sales and traffic to the center. AZP has had a 90% success rate in the renewal of leases at the center at or above the current leasing rates. This Neighborhood Market / Entertainment Center will be sold in the spring of 2014 at a leveraged IRR of 25%

Please wait for images to load

Surprise Marketplace

Surprise Marketplace a 186,000sf multi-tenant entertainment center was purchased in May 2011 as a note from the lender and subsequently was foreclosed by Karlin Real estate group. It was a product of the great recession

When the center was purchased it had many challenges, including a seriously delinquent movie theater and a 50% completed bowling alley that was being built on spec by the original developer. It was approximately 70% vacant with many suites that were not built out.

AZP was able to negotiate a reinstatement of the Ultra Star theater lease, to bring the tenant current and extend their lease. Thru a national marketing effort we were able to find an operator out of the east coast to purchase the 60,000sf Bowling Alley, Uptown Alley, who finished the build out of the space and who’s success has exceed their projections. We also brought in several national and regional tenants including Beef O’Brady’s sports bar, Cold Stone Creamery, State Farm, and Rocket Fizz.

Through the restructuring of existing tenants and the lease up of the center in 2012, only one year’s time, Karlin was able to sell the center for a $7 million dollar profit yielding a leveraged IRR of 37.3%

Please wait for images to load

Pure Fitness Plaza, Tempe AZ

Pure Fitness was a 70,000 sf retail center in a great location on 8.5 acres in Tempe, AZ. The Note was in foreclosure and up for auction on AZP acquired the Note in summer of 2011 for approximately $4 million and immediately commenced to complete the foreclosure.

Plan A for the project was to empty out the center and sell it as multifamily land. Plan B would have been to renovate and re-tenant. After the foreclosure, Plan A was chosen. AZP went to work to empty out the center of its approximately 10 tenants and began marketing the land to several apartment developers. One of the tenants was a credit tenant with a long-term lease who had vacated the property. AZP was able to negotiate a buyout whereby the tenant paid $1.5 million to terminate the lease. The land was placed in escrow with a high profile apartment developer within 3 months of Note purchase, subject to zoning, for $8.5 million. The zoning was achieved and AZP closed on the land sale 367 days after its foreclosure of the Note. (It was set up that way to qualify...

Please wait for images to load


Corona, CA

North Main Plaza, formerly known as Butterfield Stage Square, was acquired by AZP in 2000 for $10,500,000. At purchase, it was a tired, run down 220,000 square foot shopping center built in the late 1960s. Anchored by Mervyn’s, the center was located in a redevelopment zone in an area that was a major focus to the City of Corona, California.

AZP negotiated an incremental sales and property tax agreement with the City and began work on redevelopment plans and retenanting. The center was given a completely modernized look with new facias, parking lot, signage, and tenancies and reopened in 2003. A healthy mix of apparel and restaurant tenants as well as national tenants like Walgreens, Ross, the Avenue, Sally Beauty and Jack in the Box were brought to the site which significantly increased traffic and gross sale tax revenue. The final results were a healthy, functional center that coincided with the City’s redevelopment of the streetscape. At the end of 2004, the center was refinanced returning all equity invested plus an above-average 30% return on equity invested for AZP and its partnership while retaining ownership of the center.

For the past 15 years, Arizona Partners has specialized in the redevelopment of retail projects throughout California and the Southwest. Our experienced hands-on approach has allowed us to significantly enhance the assets we’ve chosen thereby creating an above-average return to our partners and ourselves.

As we head into uncertain times for the retail industry, AZP is excited about the plethora of opportunities that will be created. The problems are plenty and for those who can create the solutions and the yields will be high. Risk and opportunity are opposite sides of the same coin but as Warren Buffet so often says, risk comes from not knowing what you’re doing. By investing with an experienced firm like AZP, you can limit your risk and increase your opportunity. Let’s talk about how we can structure a JV partnership that works for you.

Please wait for images to load


Because of our experience, along with an extensive network of relationships with brokers, property owners, and lenders we have the ability to anticipate and identify potential acquisitions before they are brought to market.

Learn More

For Lease

We utilize our proven ability to establish and leverage tenant relationships to focus on creating a superior tenant mix and improving our centers. Our dedicated effort is to bring the highest quality tenants to our centers.

Learn More


We look at projects not for what they are, but for what they can be. The heart and soul of our organization is to enhance and maximize the value of each property under our control with persistence and uncompromising integrity.

Learn More

Quick Contact

Arizona Partners is a vertically integrated company, performing all acquisition, leasing, property management, construction management and accounting functions in-house. 

Copyright © 2021 Arizona Partners. All Rights Reserved.

Website by VURIA