Scottsdale-based developer SimonCRE purchased 8.915 acres of property at the southwest corner of Apache Trail and Idaho Road in Apache Junction. Part of a larger retail center, the property includes a 61,324-square-foot former Fry’s Food and Drug. SimonCRE purchased the property for $1,925,000.
The redevelopment of the property is scheduled to be completed by fall of 2018. The former Fry’s will be repurposed into a multi-tenant building featuring Goodwill and Ross. There’s one available space remaining with significant interest from a number of retailers.
“There is opportunity left in the wake of a big box vacating,” says Joshua Simon, Founder and CEO of SimonCRE. “Projects such as this are showcasing the ability of many tenants and developers to adapt and reinvent in order to meet market demands.”
The planned redevelopment comes on the heels of a strong end to 2017 for retail vacancy and big box redevelopment in the Valley. While big box vacancies have often been marked as the sign of the struggling retail sector in recent years, the leasing and redevelopment of such spaces has accounted for significant absorption in 2017.
While Fry’s shuttered its doors at Apache Trail and Idaho Road, it recently opened a new 124,693-square-foot Fry’s Marketplace across the street at 150 E. Old West Highway, offering an array of amenities and services, including a wine bar, a sushi station, apparel section and fuel center.
SimonCRE is a full-service commercial real estate development company that specializes in retail ground up development, redevelopment, single tenant build-to-suits and multi-tenant retail building projects. SimonCRE is headquartered in Scottsdale, AZ.