Retail Portion of Arizona Center to Undergo Major Facelift
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Phoenix—Parallel Capital Partners has broken ground on an $11.6 million refurbishment of the retail component of the Arizona Center, a 16-acre mixed-use campus. The company acquired the property in a joint venture with Angelo, Gordon and Co. back in 2015, for $126 million. The deal included entitlements for an additional 3.9 million square feet of improvements.
As already reported, Parallel Capital Partners broke ground on a $25 million renovation of the entire property. According to company officials, the project will take roughly nine months to complete, with all tenants remaining open during the renovation. The owners have revealed that New York-based Skanska USA will handle construction management for the retail component of the project…
