Tom Woods of Colliers International's Phoenix office represented Payless in the deal, and David Hammack of Volk Co. represented Preferred Retail Store Developers LLC of Austin, TX. Woods tells GlobeSt.com that the deal is standard for the Marana market, where vacancy rates hover between 8% and 10%.
Marana, a growing suburb northwest of Tucson, has experienced high single-family housing growth in recent years, making it a prime destination for retail. The one-year-old, 36-acre Arizona Pavilions power center is fully leased and anchored by a 203,000-sf Wal-Mart Supercenter. Other tenants include Kohl's, Blockbuster Video, Bank of America, Taco Bell and KFC.
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