Houston real estate agency buys Chandler Ranch Shopping Center – Phoenix Business Journal – The Business Journals

NewQuest will pour almost $10 million into redeveloping the center, which will be anchored by an Asian-centric supermarket.
Houston-based NewQuest Properties has bought the Chandler Ranch Shopping Center in southeast Phoenix, looking to provide a bit of Asian flair to the center.
NewQuest, a commercial real estate agency, spent $11.5 million buying the center, according to the Vizzda real estate database, and will pour almost $10 million into redeveloping the center to expand its Asian-influenced concept.
The cash also will go toward finding new tenants to fill the 117,391-square-foot center, which was formally named the Andersen Fiesta Shopping Center at 1760 W. Chandler Blvd. in Chandler.
This acquisition makes the Chandler Ranch Shopping Center NewQuest’s first wholly-owned asset in Arizona.
“We have ownerships in other properties where we are not the majority owner; we have a small ownership piece in it,” said development partner Heather Nguyen said. “This is owned 100% by us.”
The redevelopment includes reconfiguring 72,681 square feet of inline space as well as adding restaurant infrastructure, new storefronts, landscaping and parking lot improvements.
One tenant already signed is 99 Ranch Market, the country’s largest gourmet Asian supermarket chain, which will open its first corporate-owned store in Arizona once upgrades are complete.
Nguyen said NewQuest will bring authentic Asian brands to the center, which will provide customers with an array of culinary options.
“We’ll bring in a mix of different Asian businesses to serve the community here, which are anchored by 99 Ranch,” she said. “There are several restaurants we’re recruiting to come. They will be first-time locations for these tenants, who will bring in flavors from Korea or Japan or Taiwan, China, different Asian countries.”
Nguyen said NewQuest wants to appeal to mainstream customers as well as those already familiar with the brands.
“We want to make the center’s inviting,” she said.
Nguyen said a lot of tenants already in the center aren’t Asian-influenced; however, they will benefit from the new, Asian-owned retail stores and restaurants.
The 99 Ranch Market grocery store is scheduled to open in late summer or early fall of 2020. Nguyen said NewQuest is in talks with restaurants, so most of the other tenants will open their locations after the grocery store opens for business.
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