Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MARICOPA COUNTY, AZ-Galaxy Development Group’s 46-acre acquisition will open the door for a 400,000-sf power center. The developer has paid $12 million for the land, which will be annexed by the City of Surprise.

The Scottsdale, AZ-based Galaxy plans to begin work on Cotton Lane in early 2010. It will take 12 to 15 months to complete. Situated at Cotton Lane and Waddell Road, the power center will be positioned in the middle of Prasada, an upscale, 3,355-acre master-planned community with up to 1.5 million sf of retail, entertainment and office space.

Sarah Kirsch, retail specialist with Retail Brokers Inc. of Scottsdale, says Surprise, which is 20 miles west of Phoenix, is a fast-growing area that is experiencing strong competition among retail developers due to its residential growth. In addition, the Cotton Lane site fronts Loop 303, which is going to be widened from two to six lanes. “The road will be a major thoroughfare from North Phoenix to various parts of the West Valley,” Kirsch says.

Kirsch tells GlobeSt.com that negotiations are under way with anchor prospects. She and RBI colleagues Jeff Harris and Bret Williams will be preleasing the project when it’s time. Because it’s so early in the game, there is no quoted rate on the space as yet. Development costs also are undetermined at this point in the planning.

Apex Architecture of Scottsdale designed Cotton Lane. Galaxy Development is the general contractor. RBI’s director of land acquisitions David Bradford brokered the land sale. TruGold Four LLC of Kevil, KY was the seller of record.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.