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We look at properties not for what they are, but for what they can become. Our core mission is to enhance and maximize the value of every asset we touch, driven by relentless persistence and uncompromising integrity.
Acquired in 2023, this 160,000 SF center was almost completely vacant having lost a former 84,000 SF Fry’s Grocery. Desert Palms is now undergoing a full-scale transformation. After showcasing its redevelopment vision and tenant relationships, Arizona Partners secured major anchor commitments from Ross, Burlington, PetSmart, and Chick-fil-A for an outparcel. Working closely with the City of Chandler, a $20 million renovation is now underway, and this center is being reimagined as a dynamic retail destination in the heart of the East Valley—with more exciting tenant announcements coming soon.
In 2012, Arizona Partners and joint venture partner AV Homes bought this 93,000 square foot retail center for $13,000,000. The center was in an excellent location serving Paradise Valley and Scottsdale, but it had high vacancy due to an outdated and dysfunctional layout.
The partnership bought the property with a plan to turn the vacant back half of the center into housing. Arizona Partners negotiated with the existing tenants to buy out or relocate 50,000 square feet of leases, while putting a team together to handle the rezoning.
Within 12 months, all tenants had agreed to move and the city approved rezoning for 240 high-end apartments on the back half, leaving the front half as a separate commercial property. The partners then split the lot: AV Homes took the apartment portion, and Arizona Partners kept the front portion, which featured two prime restaurant buildings.
Arizona Partners updated the restaurant property by adding parking, improving the building exteriors, and adding square footage. As part of the upgrade, we brought in new dining concepts to replace the older tenants. Today, the development features Blanco Tacos & Tequila (a Fox Restaurant Concept) with an outdoor patio, and Paul Martin’s American Grill (a Paul Fleming Concept). Both brands have operated successfully at this location for over ten years. After completing the updates, Arizona Partners refinanced the property to recover the initial investment equity while maintaining steady, long-term cash flow.
Arizona Partners acquired this 280,000 SF distressed asset out of foreclosure in March 2022 and completed a $15 million exterior renovation and re-tenanting in 2023, in close collaboration with the City of Maplewood. The transformation attracted a strong lineup of national tenants including Ross, Burlington, Ollie’s Bargain Outlet, Shoe Dept., Daiso, Five Below, and Bath & Body Works. Recognized for its impact, the project was named a finalist for the 2023 Retail/Restaurant Redevelopment of the Year by the Minnesota Real Estate Journal.
Arizona Partners acquired this underperforming neighborhood center from a REIT in 2023. The tenant mix has been enhanced with additions such as turning a former bank into a new full-service Bosa Donuts, Ryder Ndoor Golf, and Sumits Yoga to go alongside an established neighborhood restaurant – Thompson 105 – a McDowell Mountain Ranch favorite spot with an incredible ambiance.
Arizona Partners acquired Arrowhead Marketplace in 2023 and swiftly repositioned the center by securing premier anchors Trader Joe’s and Marshalls, transforming underperforming box spaces into high-performing tenants. Today, Arrowhead Marketplace stands as a vibrant retail destination at the heart of one of the West Valley’s most dynamic commercial corridors.
In late 2015, Arizona Partners acquired Mercado del Lago and the adjacent Mercado on Hayden, totaling approximately 200,000 SF of office, restaurant, and retail space. Arizona Partners relocated its offices to the site as part of the redevelopment process. Significant investments were made to renovate the entire property, including the development of an outparcel building that attracted Butters Cafe to relocate and Crust Simply Italian to open a new location. Additionally, a former 10,000 SF vacant restaurant was gutted and split, now housing Phoenix Beer Co. and the second location of Vecina a chef-driven Latin restaurant. Several office components were redeveloped into restaurant and retail spaces.
Today, Mercado del Lago and Mercado on Hayden are premier destinations for shopping, dining, and lifestyle services, featuring over Twelve (12) restaurants. The properties cater to the growing development along the AZ-101 freeway and McCormick Ranch in Scottsdale, with strong support from the McCormick Ranch neighborhood and Property Owner’s Association since the redevelopment.
Arizona Partners acquired this 1960s-era retail center in 2015 and executed a major redevelopment. Through significant capital investment and leasing, this underperforming property was transformed into a vibrant community destination featuring popular local establishments including new restaurant tenants Angry Crab and Tipsy Cactus.
Arizona Partners acquired this 160,000 SF distressed asset out of foreclosure in 2015 and executed a transformative redevelopment. The project included full façade reconstruction and the strategic subdivision of a former 85,000 SF Kmart. Through targeted leasing efforts, the center is now anchored by Planet Fitness, Petco, Hobby Lobby, Ross, and a strong mix of national, regional, and local tenants—achieving 100% occupancy and helping to revitalize the surrounding trade area.
Dobson Ranch was a strategic addition to the Arizona Partners portfolio in Mesa, acquired through the divestment of the Taco Bell PAD at Plaza de Fiesta. This 16,000 SF retail strip is ideally positioned at the SEC of Dobson and Baseline, shadow-anchored by a separately owned Albertsons with immediate access to the Loop 101.
Following years of decline and occupancy dropping to 40%, Arizona Partners executed a major revitalization plan involving significant capital expenditures and deferred maintenance repairs. These improvements successfully stabilized the asset, attracting high-quality tenants like Dr. Kelly’s Vet Surgical Unit and AT&T. Today, the shops are nearly at full capacity, with only a single remaining vacancy.
Arizona Partners purchased 60% vacant Encanto Village right before the Covid pandemic in 2020. Encanto Village is a 19,000 SF retail center that was one of the first strip centers built in Midtown Phoenix in the 1960’s. Arizona Partners dedicated significant capital to modernize and improve the functionality of all aspects of the property – cleaning up spaces, renovating the exterior, and the shared courtyard. Despite many challenges, the leasing team reinvigorated the center – bringing in 5 new local restaurant and retail concepts – including neighborhood favorite the Dinersaur, joining the iconic Original Hamburgerworks. AZP made Encanto Village a destination spot for surrounding neighborhoods before selling it in 2022 to work on the next project.
Arizona Partners successfully revitalized a 50% occupied, underperforming retail center in the Deer Valley neighborhood of North Phoenix through a comprehensive renovation. A new Sprouts Farmers Market was secured as the anchor tenant, complemented by the ground-up development of a Habit Burger to go next to an existing Starbucks outparcel. Several national and regional tenants were added, including 5 restaurants such as First Watch. These strategic improvements attracted a strong mix of national and local retailers, reestablishing the center as a vibrant and sought-after neighborhood shopping destination.
Developed in 2016, this prime corner location at 2nd Street and Scottsdale Road featured a 6,500 SF shell building and an undeveloped adjacent lot. Arizona Partners renovated the existing structure and constructed a new restaurant building on the vacant parcel, creating an integrated dining and retail destination. The property now houses an F45 Training and four successful local restaurant concepts – Sizzle Korean BBQ, award-winning sushi restaurant ShinBay, JOJO Coffeehouse, Sweet Republic and serves as a cornerstone of Old Town Scottsdale’s renowned dining and entertainment district.
For over 25 years, Arizona Partners has specialized in the strategic redevelopment of retail properties across the Southwest and Midwest. Our experienced, hands-on approach directly enhances asset performance, generating significant, above-average returns for our investment partners.
We view challenges in the retail sector not as uncertainty, but as opportunities for innovation and growth. For those equipped to create tangible solutions, the yields remain high. As Warren Buffett famously noted, ‘Risk comes from not knowing what you’re doing.’ Partnering with Arizona Partners limits risk by leveraging decades of proven expertise to capture emerging opportunities.