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DeRito renews Target, Home Depot at Scottsdale Pavilions
DeRito Partners Inc. has renewed leases for two major tenants at Scottsdale Pavilions: Target and Home Depot. Target notified DeRito in December. Home Depot notified the Phoenix firm this month. “They’re exercising their options a year in advance, so they’ll be here until January 2015 at least,” said DeRito spokesperson Tom DeRito. Securing two anchor tenants for the foreseeable future looks to be good news for the Pavilions, which has been the site of numerous store closings during the past couple of years, including Mervyns, Circuit City, Marshalls and numerous smaller stores. The power center is located at Loop 101 and Indian Bend Road. However, it appears that Target still has plans to build a SuperTarget just up the street at a project called Salt River Commons, which is being developed by the Scottsdale-based Barclay Group. Trey Eakin, senior vice president of the Barclay Group, said his firm expects to start construction in early 2010 on a 185,000-square-foot SuperTarget about a mile north of the Pavilions on Pima Road. “We are currently scheduled to open in either early or mid 2011,” Eakin said. Target officials did not get back to the Phoenix Business Journal by press time. http://www.bizjournals.com/phoenix/stories/2009/01/26/daily34.html |
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