Thompson Thrift Retail Group Sells Two Phoenix-Area Retail Parcels
August 27, 2020
Phoenix Metro
PHOENIX (August 27, 2020) – Thompson Thrift Retail Group (TTRG), a wholly-owned company of Indianapolis-based Thompson Thrift, today announced the sale of two parcels in developments it owns in Scottsdale and Surprise.
The first was a sale of a recently completed 5,700-square-foot build to suit for Wilhelm Automotive (previously known as Tire Works). The building sits on a .91-acre parcel located at the northwest corner of Civic Center Drive and Elm Street within Thompson Thrift’s development, the Shops at Elm Street. In addition to Wilhelm Automotive, The Shops at Elm Street features a collection of restaurants including Raising Cane’s, Starbucks, In-N-Out Burger, Tokyo Joe’s, Menchie’s Frozen Yogurt, Mucho Burrito and Pieology Pizzeria. TTRG expects to close out the development later this year with the sale of a 2.33-acre parcel to a Marriott hotel operator.
“The Shops at Elm Street’s location along the main east-west artery in Surprise and its proximity to the spring training facility for the Kansas City Royals and the Texas Rangers generated significant interest among a variety of users throughout the acquisition and construction of this project,” said Chris Hake, senior vice president, director of the Southwest region for Thompson Thrift.
The second sale is for a newly constructed, freestanding Black Rock Coffee located at the northeast corner of 116th Street and Shea Boulevard in Scottsdale. Black Rock Coffee, a specialty coffee roaster operating in eight states, recently opened a 1,900-square-foot coffee bar with a drive thru on the subject property. TTRG is marketing an additional .69-acre parcel for sale or lease adjacent to the recently sold parcel.
“Scottsdale continues to show extremely strong demographics and is consistently recognized as one of the top places to live in the United States,” stated Hake. “Projects like ours at 116th and Shea will continue to be desirable locations for retailers and investors for years to come.”
Torrey Briegel and Chad Tiedeman with PCA represented TTRG on the Surprise sale and Chris Hollenbeck with Cushman & Wakefield represented TTRG on the Scottsdale sale.
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.
