Primestor Looks to Expand in Phoenix

PHOENIX-After buying and developing in California for the past 20 years, Primestor Development Inc. (the administrative/development arm of Primestor Properties) is starting to push east. Specifically, on the local front, the Los Angeles-based company, which specializes in urban and Hispanic markets, recently acquired the 99,678-square-foot El Monte Plaza from Michael A. Pollack Real Estate Investments for just under $10 million.

The transaction represented Primestor’s first area move and according to Alan Araki, who oversees the company’s investment and capital market activities, he’d like to become more active in Phoenix. “We’re looking very closely there,” he tells GlobeSt.com. “The goal for 2013 is to acquire three more properties in Phoenix.”