The 90-acre mixed-use Canyon Trails Towne Center in Goodyear sold for $41M earlier this month and could soon be the focus of a 200KSF addition.
Santa Cruz Seaside Company bought the existing site and 500KSF shopping center at the NEC of Cotton Lane and Yuma Road from TriGate Capital in an all-cash deal. Santa Cruz Seaside was represented by Erik Barbic and Nick Torres of SBA Commercial. TriGate was represented by Newmark’s Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark Inc.
Advisors to the new owner say discussions are in process with a national hotel chain, a specialty grocer and other large-format national retail providers that could add 200KSF more to the center in a project that could cost approximately $20M to build. No potential tenants have been disclosed, but representatives say they are currently negotiating letters of intent.
Pad transactions have also been completed for several spaces on the existing site. SRS Real Estate Partners is the leasing broker. (Source)
