Michael C. Phillips Of PREP Property Group Acquires Promenade At Casa Grande For $63.1M

The Promenade at Casa Grande, a retail shopping center, was sold for $63.1 million. This asset, located at 1005 North Promenade Parkway in Casa Grande, Arizona, encompasses approximately 470,500 square feet. Marketed within the Casa Grande area, the property features tenants such as Harkins Theaters, Ross, Michael’s, and Five Below, contributing to its retail offerings. It was built in 2007 and is part of a region experiencing industrial expansion and a growing employment base.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $63,100,000
• Square Footage: 470,500
• Address: 1005 North Promenade Parkway
• Market: Casa Grande, AZ
• Buyer: Michael C. Phillips - PREP Property Group
• Seller: Mark Kalkus - Lamar Companies
• Price Per Square Foot: $134

Michael C. Phillips represented PREP Property Group in the transaction, while Mark Kalkus represented Lamar Companies. The deal highlights the involvement of these key stakeholders in facilitating the acquisition of the property, emphasizing their roles in closing the transaction.