PHOENIX-Nexus Companies has transformed Bell Towne Centre and Bell Towne Plaza from an outdated center with increasing vacancy to a thriving retail destination. The final pieces of the five-year metamorphosis are new leases with LA Fitness and Toys “R” Us and a complex refinancing.

“Bell Towne is proof that you can succeed in troubled times if you work together with your tenants, the cities and the local brokerage communities,” says Cory Alder, president of Nexus Companies, which has owned Bell Towne Centre and Bell Towne Plaza for nearly 20 years. The project has maintained occupancy of more than 91% during the downturn.

Like many companies, Nexus had to make the decision whether it would reinvest in Target-anchored property or continue to let it decline and lose value. Constructed in phases from the late 1980s, it was well-located in central Phoenix, but in 2003, the firm noticed it was becoming a class B center.