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Developer Closes $1.6-Mil, 30-Acre Buy for Retail Project

PHOENIX-Irwin G. Pasternack is eyeing an April 2002 start for the 270,000-sf Agua Fria Promenade, if Maricopa County comes through on entitlement and zoning changes. The well-known local architect paid $1.6 million for 30 acres of prime land for the undertaking.

By D.J. Burrough | Updated on November 04, 2001

PHOENIX-A local developer is getting things in order to start construction in April 2002 on a 270,000-sf retail center that will be positioned on 30 acres that were just acquired in the West Valley.

Agua Fria Promenade LLC, headed by Phoenix-based developer and architect Irwin G. Pasternack, paid for $1.6 million for the tract at the southeast corner of 91st and Northernavenues. The Aqua Fria Promenade will border Glendale and Peoria, two growing suburbs. “It’s an area that’s a major growth area,” Pasternack tells GlobeSt.com. “It’s close to the freeway. It’s close to other retail. It’s a very active, very dynamic area.” Glendale Media II is the seller of the acreage, less than a mile east of the Agua Fria Freeway section of Loop 101. Bob Garland of the Phoenix office of Grubb & Ellis Co. negotiated the land sale.

Agua Fria Promenade and will be anchored by a grocery store and at least one big box retailer, Pasternack says. Lease deals are in the works.

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