De Rito president Chuck Carlise says there were severalcompelling reasons for the company to buy the center at 9175 E.Indian Bend Rd. from Ralph and Rob Horlacher of Scottsdale.Foremost, he says the center easily could benefit fromredevelopment because it's 87% leased to credit tenants and is aproven shopping destination.

"This is a successful center. It's not as though it's empty andblighted and no one is shopping there," Carlise explains "It's just a matter of focusing on what isn't presentin that submarket and redeveloping it to meet those needs."

Carlise says that the company is awaiting approval from the SaltRiver Pima-Maricopa Indian Community, which owns the land on whichthe center sits, so it can begin cosmetic upgrades like painting, anew parking lot and new landscaping. Future redevelopment willdepend on responses from a community outreach program that De Ritois initiating to determine the best option for the center. "We'retrying to find out what shoppers and tenants are looking for fromthis center," Carlise says. There is no plan, however, to gut theentire center to its bare bones.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.