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Glendale Land Closing 1676x1000 USE

Glendale, AZ

Thompson Thrift Retail Group (TTRG) recently closed on 24 acres of land at the Southwest corner of Loop 101 and Northern Avenue in Glendale, Arizona. The property, which recently received zoning and other entitlements from the City of Glendale, will be the future home to a horizontal mixed-use development that will feature a blend of commercial and residential uses.

Simultaneous with TTRG’s closing, the company sold approximately 10 acres of land within the project to St. Louis, MO-based Ridgehouse Capital who will build approximately 300 market-rate multi-family units on the Southern half of the property. On the Northern half, TTRG has secured user commitments from Black Rock Coffee, Cobblestone Carwash, QuikTrip, Whataburger, and Life Storage. TTRG is also in negotiations for its final frontage PAD with rapidly expanding fast-casual concept Slim Chickens. This would leave only approximately 3 acres of land value that would have prime Loop 101 frontage.

“Closing on the Loop 101 and Northern Avenue site is the culmination of years of hard work by our internal development team and several third-party consultants,” said Chris Hake, Senior Vice President and Director of the Southwest Region for Thompson Thrift Retail Group. “Obtaining entitlements for this project required our team to work with multiple City and State agencies due to scheduled improvements on Northern Avenue, and we are very appreciative for all the diligent efforts put into these entitlements by the City of Glendale, Peoria, MCDOT, and ADOT. Without their continued support, this project would not have come to fruition. We would also like to thank our third-party marketing team Phoenix Commercial Advisors, who had 90+% of the project under lease or Purchase Agreement at our initial closing.”

TTRG is wrapping up permits for its master infrastructure improvements and vertical improvements for Black Rock Coffee and expects to commence construction in February of 2022. PAD deliveries to the Cobblestone Carwash, QuikTrip, Whataburger, and Slim Chickens should happen in the second quarter of 2022. TTRG expects the first users within the project to open in late 2022.

For more information about this project or to inquire on the remaining land available within this development, please contact Chris Hake or Jake Heims with TTRG or Zach Pace or Torrey Briegel with Phoenix Commercial Advisors.