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.
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