Thompson Thrift Retail Group Acquires Land for Phoenix Area Retail Development

First phase of $28 million project to open in early 2022

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Apr 14, 2021, 16:48 ET

PHOENIX, April 14, 2021 /PRNewswire/ -- Thompson Thrift Retail Group (TTRG), a wholly owned company of Indianapolis-based Thompson Thrift, announced today the acquisition of the first parcel of a 15-acre master planned development in Mesa.

When fully built out, the development located at the northwest quadrant of US 60 and Signal Butte Road will feature approximately 95,000 square feet of retail space set among a series of freestanding and multi-tenanted buildings.

Whataburger, Backyard Taco, Black Rock Coffee and EOS Fitness have already committed to the site, which TTRG is targeting to open the first phase of the development in the first quarter of 2022. When all phases of the project are complete, TTRG expects the development to have a total project cost in excess of $28 million.

"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, senior vice president, director of the Southwest region for Thompson Thrift. "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."

This property enjoys easy access from heavily traveled Signal Butte and Hampton Avenue and great exposure from a number of nearby national credit tenants including Wal-Mart, AMC Theaters, Sprouts and Home Depot.

Located in the Sonoran Desert in the foothills of the Superstition Mountains, Mesa has been ranked as one of the best big cities to live in in the Unites States and has become a go-to destination for nationally renowned companies to come and do business. As part of the Phoenix-Mesa metro area, residents enjoy easy access throughout the area via multiple freeways, light rail, a major bus system and two airports.

This is the 26th project for Thompson Thrift Retail Group in the Southwest since opening a Phoenix office in 2016. In addition to the Mesa development, TTRG's 2021 Southwest pipeline is projected to include over $150 million in volume across the Phoenix metro, including planned projects in Glendale, Gilbert, Tempe, Peoria, Maricopa, Tucson, Casa Grande and Peoria.

TTRG is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. During the past 30+ years, Thompson Thrift has invested more than $2.2 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive retail and multifamily projects.

About Thompson Thrift Real Estate Company

Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana; Houston and Phoenix. Three service pillars drive Thompson Thrift's success—Thompson Thrift Retail Group which is focused on ground-up commercial development, Watermark Residential which is focused on upscale multifamily communities and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail and office projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve. For more information, please visit www.thompsonthrift.com.

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Contact:
Jennifer Franklin
Spotlight Marketing Communications
949.427.1385
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SOURCE Thompson Thrift