Experienced developer boldly closes on retail value-add acquisition during COVID
PHOENIX – Evergreen Devco, Inc., a leading retail and multifamily development company in the western U.S., announced today that it has acquired Chandler Pavilions, a 163,594 square-foot high traffic retail center in Chandler, Arizona.
The value-add retail site, located at 800-890 North 54th Street, is leased to a complementary mix of national and regional tenants, including REI Co-Op, Bed Bath & Beyond, Golf Galaxy and Cost Plus World Market; and shadow-anchored by Home Depot and Sam’s Club.
“Evergreen is very excited about its acquisition of Chandler Pavilions,” said Bryan Lamond, Director of Acquisitions at Evergreen Devco. “We believe in the center’s fundamental qualities, which appeal to a broad range of retailers seeking a position with incredible I-10 freeway exposure and destination co-tenancy, located in one of the most dynamic and highly sought after trade areas in Metro Phoenix. We look forward to partnering with current and prospective tenants to ensure Chandler Pavilions thrives in the face of the current market challenges.”
Evergreen’s creativity, financial flexibility and strength will allow it to secure additional junior anchor retail tenants who are either new to market or trade area; or are existing retailers looking to relocate and lower their operating costs while gaining convenient access to provide greater omnichannel flexibility to meet the needs of their customers.
“We believe well-located retail centers will continue to play a vital role in connecting our communities going forward, and our team embraces the challenge to create opportunities for customers to continue to safely and conveniently enjoy the unique variety of tenants at Chandler Pavilions,” said Laura Ortiz, Managing Principal and President at Evergreen. “Evergreen is focused on attracting best-in-class retailers to join our existing, resilient tenants that have continued to provide essentials for outdoor recreation, comforts for a healthy home and great dining options.”
Originally built in 1998, Chandler Pavilions is strategically located south of Ray Road along I-10, with quick access to Loop 202. Its position along I-10 provides tenants visibility to more than 167,000 vehicles per day and provides for an expansive trade area, with more than a million residents within a 20-minute drive.
Evergreen purchased the asset from Invesco. Pat Dempsey of JLL represented the seller in the transaction. Phoenix Commercial Advisors will continue to lease the center on behalf of Evergreen.
About Evergreen Devco, Inc.
Founded in 1974, Evergreen specializes in retail and multifamily development, tenant roll outs, project and construction management, property management, asset management, sustainable building and solving financing issues for various retailers and franchises. Working throughout the nation, Evergreen has earned a reputation as an industry leader by delivering high-quality real estate developments and services reliably, efficiently and cost effectively. The company has over 50 employees with offices in Arizona, California, Colorado and Utah. Evergreen is currently engaged in the development of more than 60 retail and apartment projects and has completed more than 500 projects.
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