Chips ahoy! Nabe center near rising semiconductor plant sells for $71 million
Lena Centers, a subsidiary of Boston-based Longpoint Partners, has acquired Stetson Village, a 144,192-sq.-ft. grocery-anchored shopping center on West Happy Valley Road in north Phoenix for $71 million.
CBRE’s National Retail Partners handled the sale for Pederson Group, the center’s former owner.
The neighborhood center is set upon 18.6 acres, very near to Taiwan Semiconductor Manufacturing Company’s (TSMC) 1,100-acre manufacturing hub, where it is under construction on its third plant.
TSMC is the world’s biggest semiconductor manufacturer, producing chips for companies that include Apple, Intel, and Nvidia. Its north Phoenix manufacturing complex is expected to create 40,000 construction jobs and tens of thousands of high-paying, high-tech jobs over the next 10 years, according to CBS’s Channel 5 News in Phoenix.
“Stetson Village is a rare, core retail opportunity, anchored by a top-performing Safeway and located just minutes from the transformative TSMC semiconductor facility,” said Ryan Schubert, an executive VP at CBRE Retail.
Just last month, Ikea signed a lease for its first store in Upstate New York at Pyramid Management Group’s massive Destiny USA center in Syracuse. One of the key drivers of the location for Ikea was Micron Technology’s construction of what it promises to be America’s largest chip-making plant in Syracuse’s Lakefront neighborhood.
Micron expects the site to create more than 50,000 jobs over a 20-year period, including 9,000 high-paying jobs in Micron’s fabrication facilities.
Built in 2007, Stetson Village is fully leased to a mix of national and regional diverse tenants across categories, including Capriotti’s, Nekter Juice Bar, UPS Store, First Watch and Great Clips.
According to CBRE research, the North Phoenix submarket posted one of the largest declines in vacancy. The rate fell by 50 basis points during the second quarter of 2025 to 6.9%.
“This has been a top-performing asset for our Company and will continue to be so in the future,” said Jim Pederson, CEO of the Pederson Group. “We had an excellent team on this transaction and an excellent buyer.”
