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5/13/15
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Smart & Final Extra has inked a 15-year lease for a 28.2k sf anchor space at Pueblo Point, a 54.4k sf shopping center in Phoenix. The property, located at 13823 N. Tatum Blvd, is owned by Westwood Financial Corp, one of the largest privately held owner-operators of grocery-anchored retail properties in the United States.
Centrally located near Paradise Valley Mall, Pueblo Point is 95 percent leased and serves the surrounding area of North Phoenix, including affluent Scottsdale neighborhoods, which boasts a population of 112,584 with an average household income of $84,139. Additional tenants include Ace Hardware, The UPS Store, Edward Jones and Domino’s Pizza.
For Smart & Final Extra, which specializes in value-oriented food and everyday staples, this lease marks the second of three stores the chain has opened in the Phoenix market since March, with another store opening planned for June. First introduced in California, the “Extra” stores concept differs from the original Smart & Final store, bringing shoppers a larger selection of fresh produce, meat, groceries, frozen foods and deli selections.
“Because the Phoenix market is on an upward trajectory, many national and regional retailers are targeting this region and absorbing existing space,” said Kenneth Loughran, senior vice president of Westwood Financial Corp. “Smart & Final is one such retailer that is taking advantage of this upswing. The addition of Smart & Final Extra to an already strong list of regional and national tenants which includes Scottsdale Healthcare, Ace Hardware, Edward Jones, Domino’s Pizza and UPS, cements Pueblo Point as a dominant grocery-anchored shopping center in the trade area.”
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