PHOENIX—The big box picture in Phoenix is looking brighter as Westwood Financial Corp. announces that Smart & Final Extra has now opened as the new anchor tenant at WFC's Pueblo Point shopping center in Phoenix at 13823 N. Tatum Blvd.

Kenneth Loughran, senior vice president of Westwood, tells GlobeSt.com, “We have seen a lot of big box deals getting done over the past four years. There were about 170 available as of 2011 and we've seen a gradual absorption. There are about 120 available now. Leasing volume is picking up steadily; we have a lot of deals in progress. We're expecting this to be our biggest leasing year yet in Phoenix.

“Because the Phoenix market is on an upward trajectory, many national and regional retailers are targeting this region and absorbing existing space,” adds Loughran. “Smart & Final is one such retailer that is taking advantage of this upswing. The addition of Smart & Final Extra to an already strong list of regional and national tenants which includes Scottsdale Healthcare, Ace Hardware, Edward Jones, Domino's Pizza and UPS, cements Pueblo Point as a dominant grocery-anchored shopping center in the trade area.”

Centrally located near Paradise Valley Mall, the 54,400-square-foot Pueblo Point is 95% leased and serves the surrounding area of North Phoenix, including affluent Scottsdale neighborhoods, which boasts a population of 112,584 with an average household income of $84,139. Additional tenants include Ace Hardware, The UPS Store, Edward Jones and Domino's Pizza.

Smart & Final Extra, which specializes in value-oriented food and everyday staples, now fills the 28,200-square-foot space with a 15-year lease. This lease marks the second of three stores Smart & Final has opened in the Phoenix market since March, with another store opening planned for June. First introduced in California, the “Extra” stores concept differs from the original Smart & Final store, bringing shoppers a larger selection of fresh produce, meat, groceries, frozen foods and deli selections.

“We are excited to be serving the East Valley and surrounding areas with our new Pueblo Point Smart & Final Extra,” says Pat Barber, vice president of real estate at Smart & Final. “Pueblo Point's existing tenant base and prime location provided an ideal opportunity for us to bring our newest store concept to local consumers.”