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Two Anchor Sites Bring $19M in 290-Acre MXD

SURPRISE, AZ-Surprise Pointe developer, Keshvar, sells 60 acres to Crescent Crown for a distribution hub and 20.7 acres to Glimcher Ventures for a 400,000-sf retail center.

By John McCloud | Updated on July 25, 2007

SURPRISE, AZ-The developer of Surprise Pointe has taken a major step toward the launch of vertical construction with the sales of two parcels for $18.64 million at the northern boundary of the city’s primary commercial district. The 290-acre master-planned development eventually will have 3.5 million sf of office, industrial and retail space.

Los Angeles-based Keshvar LLC has sold 60 acres to Crescent Crown Distributing LLC of New Orleans for $11.2 million and 20.7 acres to Scottsdale-based Glimcher Ventures Southwest for $7.44 million. Glimcher plans to start construction in August on an estimated 400,000-sf retail center, the Shoppes at Surprise Pointe, anchored by a 14-screen, 2,800-seat theater by UltraStar Cinemas of San Diego. Crescent Crown initially will build a 150,000-sf distribution building on the land. Surprise Pointe is situated between Litchfield and Dysart roads.

“With these deals, we really have our two anchors for the project,” Eric Bell, an associate vice president for Colliers International Inc., tells GlobeSt.com. “We have other deals in the works, but we’re still working on the infrastructure. That should be completed by the end of the year.”

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