Arizona regional shopping center acquired for $63 million
A regional power center located roughly halfway between Phoenix and Tucson, Ariz., has a new owner.
Utah-based PREP Property Group has acquired Promenade at Casa Grande, a regional shopping center located in Casa Grande, Ariz., along Interstate 10, from New Jersey-based Lamar Companies for $63.1 million. The transaction closed on Oct. 8, with Colliers representing Lamar in the transaction.
Spanning approximately 480,000 square feet, Promenade at Casa Grande features a wide array of tenants, including Harkins Theatres, Ross Dress for Less, Marshalls, HomeGoods, Burlington, Michaels, Ashley Furniture, PetSmart, Five Below and more. The property originally opened in 2007.
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"PREP is excited to add Promenade at Casa Grande to our growing portfolio," said Lloyd Sova, VP of development & acquisitions at PREP Property Group. "The center benefits from an exceptional location within one of Arizona's fastest-growing markets and serves as an important retail destination for the surrounding community. As Casa Grande continues to experience significant population and economic growth, we see substantial opportunities to leverage PREP's leasing, merchandising, operational and redevelopment expertise to enhance the property's performance and unlock additional long-term value."
Lamar Companies says the sale of Promenade at Casa Grande reflects the firm's strategy of “recycling capital from stabilized assets into new value-add opportunities.”
The sale follows a series of acquisitions Lamar has completed in partnership with RCS since 2025, including Alamance Crossing in Burlington, N.C.; Stamford Towers in Stamford, Conn.; 30 Montgomery in Jersey City, N.J.; and Legacy Square in Linden, N.J.
"More than eight years ago, Lamar had a vision for Promenade at Casa Grande, and this sale is a clear example of what our hands-on operating approach can deliver for our investors," said Kyle Hayes, chief operating officer of Lamar Companies. "Lamar repositioned the center around a strong lineup of national retailers, working closely with the City of Casa Grande. As a result, net operating income and occupancy increased substantially over our hold, delivering exceptional investor returns.”
