CenterCal Properties Acquires Park West Shopping Center in Peoria, Arizona, for $116.7 Million

PHOENIX, Nov. 12, 2026 – CenterCal Properties has acquired Park West Shopping Center, a 254,982-square-foot theater-anchored lifestyle center in Peoria, Arizona, from CIRE Equity for approximately $116.7 million. The purchase is CenterCal's first acquisition in Arizona. JLL Capital Markets announced that it arranged the sale and represented the seller.

CenterCal Properties Buys Park West Shopping Center

Park West Shopping Center sits at 9744 West Northern Avenue in Peoria, immediately west of Loop 101 in the West Valley region of metropolitan Phoenix. The property occupies roughly 45 acres and was completed in 2007. It was 92% occupied at the time of sale.

The center is anchored by a Harkins Theatre and includes a mix of entertainment, dining, apparel and daily-needs retailers. Tenants include Fleming's, Grimaldi's, Athleta, BJ's Restaurant & Brewhouse, Pita Jungle, See's Candies, The Sicilian Butcher and Vans, among others.

Transaction records list the center at approximately 261,096 square feet, a difference from JLL's reported 254,982 square feet that may reflect different rentable-area definitions or measurement conventions. Based on the sale price, the deal implies roughly $447 to $458 per square foot, depending on which figure is used.

JLL Capital Markets Team Represented CIRE Equity

JLL represented the seller, CIRE Equity, in the transaction. The JLL Capital Markets team was led by Director Tess Berghoff, Managing Director Patrick Dempsey and Analyst Ross Jorgensen.

"Park West offered investors a rare opportunity to acquire an established lifestyle destination with a strong entertainment anchor, a highly curated tenant mix and multiple avenues for future growth," said Berghoff. "CenterCal recognized the property's long-term relevance within one of the Valley's most dynamic retail corridors and its potential to continue evolving alongside the surrounding community."

CIRE Equity acquired the property in 2017 for approximately $34 million, meaning the 2026 sale price is more than three times the seller's earlier purchase price.

Value-Creation Opportunities at the Peoria Lifestyle Center

JLL said the property offers future value-creation opportunities through tenant curation, lease-up initiatives and development of remaining pad sites. With the center 92% occupied, vacant space remains available for leasing.

JLL described the center as serving a large and affluent consumer base within a well-established retail corridor. Direct access to Loop 101, one of the area's primary transportation corridors, is among the property's locational features.

Phoenix Retail Market Context

The sale comes as Phoenix retail fundamentals remained comparatively strong in the third quarter of 2026, although figures vary by brokerage because of differences in coverage areas and methodology.

• Matthews reported 607,000 square feet of quarterly absorption, up from 476,000 square feet a year earlier, with vacancy at 4.6% and asking rents at a record $27.19 per square foot, up 4.5% year over year. Matthews also reported average cap rates of 6.64% and pricing of $280 per square foot, with cap rates declining for eight consecutive quarters.
• Cushman & Wakefield reported metro vacancy of 5.1%, year-to-date absorption of approximately 1.0 million square feet and average asking rent of $20.14 per square foot, up 4.9% year over year.
• CBRE recorded 642,000 square feet of positive absorption, 370,000 square feet of deliveries and average net asking rent of $20.43 per square foot.
• Lee & Associates reported vacancy rising to 5.2% and rents increasing to $19.56 per square foot, with an average sale price of $328.34 per square foot and a 6.30% cap rate.

Park West's implied price per square foot is well above these market averages. Marcus & Millichap reported that larger retailers continued to lease space in Phoenix while smaller-format demand softened, and that restaurant and fast-food operators faced pressure from discretionary-spending conditions. Park West's concentration of dining and entertainment tenants makes consumer spending and restaurant performance relevant to its leasing and cash flow.

Outlook for CenterCal's Arizona Entry

The acquisition gives CenterCal Properties an entry point into the Arizona market through a stabilized, entertainment-oriented center with remaining lease-up and pad-site potential. The company will need to maintain destination traffic, lease the remaining vacancy and advance its pad-site and tenant-curation opportunities to support the purchase price.

JLL's Capital Markets group provides investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity and fund placement, net lease, derivative advisory and energy and infrastructure advisory services, with more than 3,000 Capital Markets specialists in offices in nearly 50 countries.

Sources

JLL Newsroom: CenterCal Properties acquires Park West Shopping Center in Peoria, Arizona