Lamar Cos. Acquires 550,000-SF Portion of Promenade Shopping Center

Article originally posted on CoStar on May 31, 2018

sFairfield, NJ-based Lamar Cos., a management, acquisition and development firm, purchased a 550,000-square-foot portion of an open-air shopping center totaling more than 1 million square feet in Phoenix from Santa Monica, CA-based Macerich Co. Promenade Shopping Center sold for $26 million, or about $47 per square foot.

The acquisition is Lamar’s fourth in the Phoenix market. The company owns more than 2 million square feet of retail across the U.S., according to its website.

The property was built in 2007, spanning 125 acres at the intersection of Interstate 10 and AZ-287 centrally located between Phoenix and Tucson. Major tenants at the center include Harkins Theaters, Ross Dress for Less, Marshalls, PetSmart, Bed, Bath and Beyond, Michaels, Beall’s Outlet, Dollar Tree and Ulta.

“Promenade at Casa Grande is the dominant shopping center in the market and we look forward to implementing our business plan to further improve the tenant mix and occupancy of the asset,” said Frank Maresca, VP of Lamar, in the company’s press release.