PREP Property Group Acquires 480,000 SF Promenade at Casa Grande Shopping Center in Arizona
Why this matters
Retail has become a quiet outperformer. A decade of effectively zero new development has left necessity-driven, grocery-anchored, and Sun Belt strip product with negligible vacancy and re-leasing spreads in the high single digits. Cap rates have compressed in step, and the bid for stabilized portfolios is again broad across REITs, pension funds, and institutional core-plus capital. Phoenix is at the front of the Sun Belt multifamily rent-growth recovery and continues to absorb large-format industrial along the I-10 corridor. The asset class has effectively rerated as a defensive yield trade rather than a secularly challenged sector.
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On the RET wire
- The 14th Phoenix story tracked on the wire in November 2026. All Phoenix coverage →
- Disclosed retail deal value tracked in November 2026: $2.1B across 37 reported transactions. All Retail coverage →
Computed from Real Estate Trail’s own tracked coverage
CASA GRANDE, ARIZ. — PREP Property Group has purchased Promenade at Casa Grande, a regional shopping center in Casa Grande, approximately 50 miles south of Phoenix. Terms of the acquisition were not released. Located…
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