Thompson Thrift to Develop 15-Acre Master-Planned Project
The company has acquired land for the first phase of the Phoenix-area development, which is expected to total more than $28 million.
PHOENIX, AZ – Thompson Thrift Retail Group, owned by Indianapolis-based, Thompson Thrift, has acquired its first parcel of land for a 15-acre master-planned development in Mesa, AZ.
Once complete, the master-planned development will feature 95,000 square feet of retail space, situated among numerous freestanding, multi-tenanted buildings.
Thompson Thrift Retail Group expects the development’s project cost to total more than $28 million.
The first phase of the development is expected to open in Q1 2022.
The company has secured commitments at the development from retailers including, Whataburger, Backyard Taco, Black Rock Coffee and EOS Fitness.
Located at the Northwest quadrant of US 60 and Signal Butte Rd., the Phoenix-area development is situated in the Sonoran Desert at the foothills of the Superstition Mountains.
“We are excited to work with the city of Mesa to develop this strategic piece of real estate just off the US 60,” said Chris Hake, SVP and director of Thompson Thrift’s Southwest region. “The East Mesa area continues to see strong growth, as evidenced by the more than 800 recently announced residential units that will surround the site. We look forward to adding additional best-in-class retailers to this project.”
The development serves as Thompson Thrift Retail Group’s 26th project in the Southwest since 2016, when the firm opened its Phoenix office. The company’s Southwest pipeline is projected to include more than $150 million in volume throughout the Phoenix metropolitan area this year.