Frank Egan with Eastbourne Investments tells GlobeSt.com that his firm, which owned the 96 acres on which the renamed Phoenix Spectrum Mall is located, sold the land this week to Kimco-De-Rito Gilbert Fiesta LLC. "We bought the property in anticipation of owning the mall and doing a major repositioning, but we were never able to do that," Egan says. "There were a lot of pieces we had to put together and we could never put them together."
Eastbourne purchased the property, one of the area's largest malls, in a joint venture with Phoenix-based developer Kitchell Development Co. and De Rito Partners, a locally based retail brokerage firm, in 2000. The partnership had planned to put about $42 million in improvements into the 19th Avenue and Bethany Home Road shopping center to reposition it on the city market.
Egan, who called the mall "one of the best retail repositioning opportunities in the west," says his firm opted out of the partnership because it felt that the mall's repositioning "would be better suited for a local player." Marty De-Rito, with Kimco-De-Rito Gilbert Fiesta LLC, could not be reached for comment on the group's plans for the retail complex.
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