Archives For October 2013

Center Located at 39th Avenue and Happy Valley Road Now Fully Leased After
Recent Openings of Bambino’s Sports Grill and New Starbuck’s 

PHOENIX – Taking advantage of a “rebounding” retail environment and rapid residential growth in northwest Phoenix and Peoria, Stetson Village Shopping Center can now boast as being one of the Valley’s few neighborhood shopping centers experiencing 100% occupancy.

Pederson Stetson Villiage

With the opening late this summer of Bambino’s Sports Grill and the recent debut of a new 1,600-square-foot Starbuck’s, Stetson Village is now fully occupied for the first time since its debut in November of 2008.

Located at the northeast corner of 39th Avenue and Happy Valley Road, Stetson Village is one of the last grocery store-anchored neighborhood retail centers to be built in the greater Phoenix area since 2008. It features a diverse array of national and locally-owned retailers that have a broad appeal to the rapidly growing trade area.

Jim Pederson, chief executive officer of the Pederson Group, Inc., developer of the 144,360-square-foot center, said, “Since we opened Stetson Village in November of 2008, we have seen the center develop into a vibrant neighborhood shopping center that serves one of the Valley’s fastest growing residential areas.”

Stetson Village’s success can be attributed to several factors, Pederson said. “Shortly after the center’s successful grand opening, the retail market – along with the rest of the economy – went into a downward spiral. As a result, our team recognized the fact that we needed to design and implement a creative leasing and marketing plan to attract new tenants. Aggressive marketing provided us an opportunity to attract a number of small shop tenants that recognized they had a great opportunity to get in on the ground floor of a new and exciting northwest Valley neighborhood center.”

Secondly, Pederson said, his company took special care in the area of tenant selection. “Since the new development was located in close proximity to some of the northwest area’s newest upscale residential developments – including Stetson Hills, a master-planned community anticipated to have approximately 4,000 new homes – we were very selective in our leasing efforts to make sure prospective tenants’ products and services had a high appeal to residents of the trade area. We put a high priority on attracting upscale tenants that offered new and unique retail experiences, and we conducted a great deal of research on what types of products and services were needed in the area.”

One of the key factors in the success of Stetson Village, Pederson said, is the center’s primary anchor tenant – a 57,860-square-foot Safeway Store. “Over the years, we have had a very positive relationship with Safeway at some of our other centers. “This partnership with Safeway, Pederson said, “set the groundwork for the success of Stetson Village. The store immediately resonated with customers on day one because of its many unique offerings. As a result, our other tenants benefitted immeasurably from the visibility they were afforded when residents did their grocery shopping.”

Currently occupying almost 8,000 square feet within the center is Fitness 1 Gym which opened at Stetson Village in 2010, and now provides more than 2,000 members with a sense of health and wellness through the design and implementation of individual fitness programs.

Kelly Bruce, who owns and operates a number of Fitness 1 Gyms throughout the great Phoenix area with his three sons – Chad, Bobby and Richard – said the chain’s Stetson Village location has been a huge success.

“Shortly after the development was completed,” Bruce recalls, “we were contacted by the Pederson Group to see if we had any interest in opening a gym at Stetson Village. In reality, it was a ‘no-brainer’ because of its location, attractive list of amenities and unique tenant mix. Every new business added in the last two and a half years has been a complement to other businesses within the center, bringing greater visibility – and most importantly – even more people to the center. Our business continues to expand at Stetson Village, and we take great pride in being affiliated with our fellow merchants within the development.”

One of Stetson Village’s biggest draws is The Good Egg, one of Arizona’s most successful independently-owned restaurant chains, which debuted at the center in 2012. Matthew D. Trussela, executive vice president of the Good Egg, said, “Over the years, Charlie Syburg, our company’s president, has put a high priority on site selection. In addition, we have also maintained a close relationship with The Pederson Group, which has helped us open several restaurants at other centers throughout the Valley.

“It was clear to us that Stetson Village was situated in a rapidly-growing trade area with unlimited growth potential. We had a high degree of confidence that the tenant mix was going to have a great appeal to the rapidly-expanding population,” Trussela said. “As it turned out, we really hit a homerun, as the Stetson Village restaurant is now one of our most successful locations statewide.”

Brigett Gorder, owner of Bambino’s Sport Grill which opened earlier this summer at Stetson Village, said the center “offers us a tremendous opportunity at one of the northwest Valley’s most prominent intersections. We feel our eclectic mix of Mexican food – including signature tacos, burritos and fajitas – and classic American sports bar favorites such as ‘bombastic burgers,’ flavorful wings, sandwiches and wide selection of salads will help us establish a family-friendly neighborhood sports grill that will appeal to this rapidly growing trade area.”

For more than 31 years The Pederson Group has been a premier Phoenix-based real estate development company specializing in upscale retail projects. The company has developed and remodeled more than 27 highly successful retail and mixed-use projects in the greater Phoenix area, and has developed shopping centers totaling more than five million square feet.

Tenants at Stetson Village include: Safeway, Fitness One, Phoenix Children’s Academy, Chase Bank, Starbuck’s, Bambino’s Sports Grill, Burger King, FastMed, Little Caesar’s Pizza, Great Clips, Federico’s Mexican Restaurant, Blimpie Subs & Salads, Celebrity Tanning, Bikram Yoga Healthy Habits Massage, Humble Pie, Optical Gallery Arizona, Stetson Village Family Dentistry, Angel Touch, GNC, Radiant Jewelers, Yorgurtology, Bella Donne Salon Suites, Edward Jones, UPS Store, Klassen Chiropractic, EdOptions Learning Center, The Good Egg, Ceramics at Home, Stetson Cleaners, L.C.’s World Taekwondo, Papa Murphy’s, See Spot Shop and Cactus Valley Pool Supply.