Thompson Thrift Retail Group (TTRG) recently closed on 24 acres of land at the Southwest corner of Loop 101 and Northern Avenue in nearby Glendale. The property, which recently received zoning and other entitlements from the City of Glendale, will be the future home to a horizontal mixed-use development that will feature a blend of commercial and residential uses.
On the northern half of the development, TTRG has secured user commitments from Black Rock Coffee, Cobblestone Carwash, QuikTrip, Whataburger, and Life Storage. TTRG is also in negotiations for its final frontage PAD with rapidly expanding fast-casual concept Slim Chickens. This would leave only approximately three acres of land available that would have prime Loop 101 frontage.
“Closing on the Loop 101 and Northern Avenue site is the culmination of years of hard work by our internal development team and several third-party consultants,” says Chris Hake, Senior Vice President and Director of the Southwest Region for Thompson Thrift Retail Group. “Obtaining entitlements for this project required our team to work with multiple city and state agencies due to scheduled improvements on Northern Avenue, and we are very appreciative for all the diligent efforts put into these entitlements by the City of Glendale, Peoria, MCDOT, and ADOT. We would also like to thank our third-party marketing team Phoenix Commercial Advisors, who had more than 90% of the project under lease or purchase agreement at our initial closing.”
TTRG is wrapping up permits for its master infrastructure improvements and vertical improvements for Black Rock Coffee and expects to commence construction in February. PAD deliveries to Cobblestone Carwash, QuikTrip, Whataburger, and Slim Chickens should happen in the second quarter of 2022. TTRG expects the first users within the project to open in late 2022.
In addition, construction has been completed on Grandstone at Sunrise, located at Lake Pleasant Parkway and Happy Valley Road, TTRG’s northwest Peoria community. The 140-unit gated community is fully operational and accepting applications for remaining homes. It features luxury one and two-story villa-style homes for lease on nearly ten acres of land.
Learn more about TTRG’s latest developments at thompsonthrift.com.