Curbline Buys Slice of Retail Center Near Phoenix for $32M

Curbline Properties has picked up 7 acres in a shopping center under development west of Phoenix for $32 million.

The Ohio-based real estate investment trust paid cash for part of Prasada North, on the northeast corner of Prasada Parkway and Waddell Road, in Surprise, about 25 miles northwest of Phoenix, the Phoenix Business Journal reported.

The seller in the off-market deal was Scottsdale-based SimonCRE, developer of the retail center.

Curbline’s portion includes 34,000 square feet of shops and restaurants, which includes Shake Shack, Starbucks, Torchy’s Tacos, Einstein Bros Bagels and Portillo’s Hot Dogs.

The deal for the property dubbed Shops at Prasada North works out to $941 per square foot.

When complete, the larger Prasada North will have 350,000 square feet of retail, including a Target, Nordstrom Rack, Sportsman’s Warehouse, Old Navy, DSW and Arizona’s first Sierra Trading Post. It’s 89 percent leased.

The project is an extension of the 700,000-square-foot Village at Prasada shopping center south of Waddell Road.

Joshua Simon, founder and CEO of SimonCRE, said this parcel is the first part of the Prasada shopping center traded to another firm.

“It was a chance to crystallize some value that has been created out there for us and from an ownership standpoint, de-risk some of the asset too,” Simon told the Business Journal.

He said Curbline has the same long-term goal for the property and that SimonCRE will keep the rest of the Prasada North retail center.

“We can lock in some of our value, take some chips off the table but still make sure the ownership of the shopping center stays in somebody’s hands that we feel have the same goals,” he said.

Curbline Properties, a publicly traded REIT founded in 2023, was spun off from SITE Centers to invest in convenience retail properties across the U.S. It owns shopping centers in 19 states, including 11 in Arizona, according to its website.

— Dana Bartholomew