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ANTHEM, AZ-Joint venture partners Kimco Developers Inc. and the Barclay Group are finalizing a $13-million plan to develop the last grocery-anchored site in the Anthem master-planned community. The yet-to-be-named development is a 118,085-sf neighborhood shopping center that will rise on a 14-acre tract.

The Beverly Hills, CA-based Kimco and Barclay Group, headquartered in Dunedin, FL, bought the northeast corner of Daisy Mountain Drive and Gavilan Peak Parkway in recent weeks from Anthem Arizona LLC for $7.3 million, says Ryan Gaston, real estate manager for Barclay. Wells Fargo Bank provided the financing to acquire the land, but a construction lender has not yet been chosen, he says.

Gaston tells GlobeSt.com that Barclay was competing with six other national developers for the site. “It was hotly contested,” he says. “In our opinion, this is the best grocery store site in Arizona.” He points out there is only one other grocery store, Safeway, within five miles of the site. Moreover, there is no more vacant land in Anthem that is available for grocery-anchored development.

Fry’s, a subsidiary of Cincinnati-based Kroger Co., has committed to a 73,407-sf Signature store and will anchor the center. An additional 44,678 sf of upscale retail shop space and two pads also will be part of the development. The shop space will lease for $30 per sf and up.

“We’re hoping to make it more of a lifestyle center rather than the typical neighborhood center,” Gaston says. He adds that Barclay is pursuing both national and local high-end retailers.

According to Gaston, Barclay will break ground on the center during the third quarter 2005 with a projected opening during second quarter 2006. Scottsdale, AZ-based Kurt D. Reed Associates is designing the center with contemporary architecture, pedestrian walkways, landscaping and water features. The company, which owns develops and owns several other retail centers in the Valley, plans a long-term hold for Anthem center, which is the first project it is doing in the master-planned community, Gaston says.

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