Revitalized Valley Retail Center Canyon Trails Fully Leased for First Time Since Opening

Article originally posted on Phoenix Business Journal on July 13, 2023

Canyon Trails Towne Center, a revitalized shopping center in the West Valley, has reached full occupancy for the first time since it opened 15 years ago.

The 90-acre mixed-use project has been signing on new tenants and seeing new buildings brought to life over the past couple of years as plans were made to expand the property and a new owner, California-based Santa Cruz Seaside Co., acquired the 600,000-square-foot center last year. Phoenix-based Vestar manages the property.

Since last fall, Chipotle has opened a new restaurant while popular craft store Michael’s signed a lease for a 18,300-square-foot space that was previously filled by a Cost Plus World Market that closed down. Michael’s plans to open in August.

Discount retailer Five Below also took a 10,434-square-foot space that had sat empty since the shopping center first opened in 2008. Additional restaurants including Denny’s, Starbucks and Freddy’s Frozen Custard & Steakburgers are expected to open this fall.

David Malin, a lead consultant and previous developer on the project, attributes the center’s success to its leasing partner, SRS Real Estate Partners, and the growth of the West Valley in population and development. The project, which is located along Cotton Lane and Yuma Road, will also have frontage along the future Loop 303 extension.

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