We all know Palm Valley Pavilions on Litchfield just north of I-10. Did you know that it just sold for $44.8 million dollars? I remember when it was the “outlet mall!” The 28-acre property was built in 1994 and redeveloped in 2002. It is nearly 99 percent leased to tenants that include Ross Dress for Less, Best Buy, Total Wine & More and Ulta. The buyer’s managing director James Greaves was quoted in the Phoenix Business Journal as saying ““We plan to renovate a 37,000-square-foot speculative suite to be move-in-ready by January.”
It will be interesting to see what they do!