C
urbline Properties has acquired a 7-acre parcel in the Prasada North shopping center under development west of Phoenix for $32 million. The Ohio-based real estate investment trust purchased the property from Scottsdale-based SimonCRE, developer of the retail center, in an off-market deal. Curbline's portion includes 34,000 square feet of shops and restaurants, featuring Shake Shack, Starbucks, Torchy's Tacos, Einstein Bros Bagels, and Portillo's Hot Dogs.

    The purchase price works out to $941 per square foot. When complete, the larger Prasada North will have 350,000 square feet of retail space, including a Target, Nordstrom Rack, Sportsman's Warehouse, Old Navy, DSW, and Arizona's first Sierra Trading Post. The project is an extension of the 700,000-square-foot Village at Prasada shopping center south of Waddell Road.

    SimonCRE founder and CEO Joshua Simon said this parcel is the first part of the Prasada shopping center traded to another firm. He stated that Curbline shares the same long-term goals for the property and that SimonCRE will retain ownership of the rest of Prasada North. The deal allows SimonCRE to "lock in some value" while ensuring the shopping center remains in capable hands.

    Curbline Properties, a publicly traded REIT founded in 2023, invests in convenience retail properties across the U.S., owning shopping centers in 19 states, including 11 in Arizona.