Growing Mesa Area to Get New Retail Center

PHOENIX-Brookstone Ventures LLC of Phoenix has purchased a 10-acre parcel at the northeast corner of Signal Butte and Southern Avenue in Mesa for $2.3 million and plans to build a 100,000-sf neighborhood retail center there.

The company is looking for a grocery store to anchor the retail center, says Aric Adams of CB Richard Ellis, who represented Brookstone in the purchase. Brookstone could be under construction on the neighborhood center within the next 12 to 18 months, depending on how quickly a grocery store anchor is found, Adams notes.

The corner parcel is near Parkwood Ranch, a 1,500-home, master-planned community that is nearing buildout. It is also about one-half mile from the Superstition Freeway, the main thoroughfare through Mesa and the rest of the East Valley.