Lamar Companies Sells Arizona Retail Center for $63.1 Million
Lamar Companies and partner Real Capital Solutions have closed a $63.1 million sale of a Target-anchored retail center in Casa Grande, Arizona.
New Jersey-based Lamar Companies, in partnership with Real Capital Solutions, has completed the $63.1 million sale of Promenade at Casa Grande, a Target-anchored regional retail center located in Pinal County, Arizona, the companies announced Monday.
The transaction marks the conclusion of an eight-year repositioning effort at the property, according to the announcement. The sale represents a significant milestone for both firms, capping a long-term investment and redevelopment strategy in one of Arizona's faster-growing counties.
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Pinal County, home to Casa Grande, has drawn increased commercial real estate interest in recent years as population growth in the greater Phoenix metro area has extended southward, raising the profile of retail assets in the region. The successful disposition of a Target-anchored center suggests continued investor appetite for well-positioned, grocery- and anchor-tenant-driven retail.
The deal underscores a broader trend of private real estate firms executing long-horizon repositioning plays in secondary and suburban markets, then capitalizing on improved fundamentals before exiting. Lamar, headquartered in New Jersey, has maintained an active presence in Sun Belt retail investment alongside partners such as Real Capital Solutions.
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