Upscale Retail Center in Chandler Purchased for $32.5 Mil

PHOENIX-A local investment firm has paid $32.5 million for one of the East Valley's most upscale retail center.

By D.J. Burrough | Updated on January 30, 2001

PHOENIX-One of the East Valley’s most upscale retail center has been purchased by a local real estate investment company for $32.5 million.

Sun Belt Management Company, a Phoenix-based development company, purchased the Casa Paloma, a 130,000-sf specialty retail center at the southwest corner of Ray Road and 56th Street in Chandler. The center is anchored by an AJ’s Fine Foods, The Gap, Ann Taylor and Talbot’s.

The center was built just over a year ago by a partnership, DeRito Partners and Kimco. Phoenix-based DeRito Partners is one of the most active retail developers in the Valley, although much of the company’s work has been in north Scottsdale.

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