Humble Pie — a nine-restaurant Arizona-based pizza chain known for its wood-fired pies and specialty sausage pizza — has been sold to Cornwell Development Partners of Scottdale, Arizona, officials said Friday.
Terms of the deal, which was finalized on Dec. 4, were not disclosed. The deal was facilitated by Phoenix-based advisory company, Reconstruction Partners.
Humble Pie joins a diverse portfolio of neighborhood commercial real estate developments owned by Cornwell. Reconstruction Partners’ Wallace Hite said that Humble Pie’s new owners have a “fairly strong growth plan” in place for the pizza chain.READ MORE
The Pederson Group, a Phoenix-based developer known for shopping centers, is looking to branch into a new arena with a 23-acre purchase of state land near Happy Valley Road and 35th Avenue.
Jim Pederson, founder and chairman of Phoenix-based Pederson, said the company is looking to develop a mixed-use project, with residential, retail and restaurant space. Pederson spent $7.2 million on the land at the auction, more than $2.5 million above the appraised value of the parcel.
“We’ve never incorporated a housing element into any of our shopping centers,” Pederson told Phoenix Business Journal. The company will partner with a multifamily developer for the residential portion and will develop the commercial portion on its own.
The retail section of the project will cost between $7 million and $8 million, Pederson said, though cost for the multifamily portion will be determined by the scope of the project.READ MORE
The Pederson Group of Phoenix has purchased White Mountain Village in Pinetop-Lakeside and plans to spend $4 million on renovating the shopping center.
“We’re already engaging with local officials, community leaders and the shopping public to ensure this valued but dated center is renovated to a first class development and a community asset that this town will be proud of for decades to come,” said Pederson Group founder and Chairman Jim Pederson in a press release. Pederson did not respond to a request for comment by press time.
The shopping center, which includes Safeway, was built in 1982 and has had a high vacancy rate over the past 10 years or so. The plans for the 122,891 square foot plaza include repaving the parking lot and repairing roofs, which will start “immediately.” Other plans include renovating the storefronts, canopies and infrastructure. The renovation is expected to be complete by mid-2019.
One year ago this week, Amazon.com loudly declared its intention to become a grocery industry heavyweight by agreeing to buy Whole Foods Market.
The $13.7-billion deal practically guaranteed sweeping change in a segment of the retail world that hadn't yet felt the sting of e-commerce. By marrying Amazon's digital prowess and appetite for price-cutting with Whole Foods' well-established perishables supply chain and network of stores, it seemed a trip to Whole Foods or a tap of the Amazon app was about to become ground zero of food-shopping innovation — and a top choice for customers.
The Pederson Group, developers of of class “A’ retail shopping centers in Phoenix and throughout Arizona, announced The Trailhead, a revolutionary mixed-use project proposed for the heart of Peoria. Planned for the NE corner of 83rd Avenue and Happy Valley Road in the city’s fast-growing, desirable Happy Valley Corridor, this 25-acre upscale neighborhood lifestyle center will be anchored by a curated district of 15+ specialty retail & restaurant tenants combining best-in-class local and national concepts, as well as a premium 62,000 sq.-ft. grocery store. Most important, The Trailhead includes a proposed new crossing to the City of Peoria’s recently expanded Sunrise Mountain Preserve, perfect for a pre-hike breakfast, or unwinding over local craft beers following a full day on the trails.
Massive retail store closings and bankruptcies are causing concern, hype, and a little bit of over-reaction throughout the industry. While any growth-oriented enterprise will be rightfully concerned about the shrinkage, jumping to conclusions about a “retail apocalypse” is dangerous, and it’s even more dangerous to point fingers and lay blame where it is not deserved. What’s going on currently in retail is not an apocalypse, it’s a correction. It’s not the Internet’s fault. It’s not Amazon’s fault. Dotcommers are not taking over the world.