Thompson Thrift Retail Group Sells Sunrise Promenade outside Phoenix for $18.25 Million
October 19, 2021
Peoria, AZ
Thompson Thrift Retail Group, a wholly-owned company of Indianapolis-based Thompson Thrift, announced today the sale of Sunrise Promenade, a retail shopping center located in the Phoenix suburb of Peoria. The property traded to an undisclosed buyer for $18.25 million.
Conveniently located just south of the southeast corner of Lake Pleasant Parkway and Happy Valley Road, Sunrise Promenade is anchored by the international supermarket chain, Aldi, and features 26,852 square feet of multi-tenanted space. The development includes several national, regional and local retailers and restaurants such as Black Rock Coffee Bar, Club Pilates, Sherwin-Williams, Dip Nail Spa, Harumi Sushi, Wow Wow Hawaiian Lemonade, Stretch Labs, Butta Cakes, Pearle Vision and several others.
Sunrise Promenade is the retail component of a master-planned development that includes Grandstone at Sunrise, a new luxury-leased villa-style community that is currently under construction by Thompson Thrift’s multifamily business unit.
“We were able to command an impressive sales price based on the property’s excellent positioning in the market and synergy from our neighboring multifamily community,” said Chris Hake, senior vice president, director of the Southwest region of Thompson Thrift. “We received strong interest from multiple buyers, and I look forward to finding another opportunity to work in Peoria.”
Thompson Thrift Retail Group is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. The company is well-established in Arizona with several retail and multifamily properties throughout the state including over $350 million in projects under construction and under contract across the Phoenix metro, including projects in Glendale, Phoenix, Tempe, Mesa, Tucson, Casa Grande and Peoria.
During the past 30+ years, Thompson Thrift has invested more than $2.7 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive retail and multifamily projects.
