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| November 1, 2002
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| DE RITO PARTNERS DEVELOPING 475,000-SQUARE-FOOT POWER CENTER IN MESA
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Mesa – De Rito Partners in Phoenix (Marty De Rito, et al., principals) plans to build a 475,000-square-foot power center retail project at the northeast corner of the proposed San Tan Freeway and Elliot Road in Mesa. The developer is buying the 53-acre site from three companies headed by investor Chuck Sorensen in Scottsdale. No word on purchase price. The deal is being brokered through Jim Markakis of JSM Investments in Phoenix. Kurt D. Reed Associates Inc. in Scottsdale has been hired to design the project. Construction to start in 2004, with completion expected in 2005 after the San Tan Freeway is finished. Contractor still to be selected. Development cost (land and buildings) estimated at $45 million. Financing yet to be arranged. De Rito is likely to bring in a joint venture partner to develop the project. De Rito is talking with representatives of Kimco Realty Corp. of New Hyde Park, N.Y. (NYSE:KIM) about joining forces on the development. De Rito wants to land two big box tenants needing 200,000 sq. ft. and 100,000 sq. ft. Plans also include developing about 100,000 sq. ft. of additional retail space and selling and leasing pads for sit down restaurants, fast food and banks. Chris Gerardo of De Rito Partners has the marketing assignment. Over the years, BREW has reported De Rito Partners developing and selling numerous retail properties in the Valley. Earlier this year, BREW reported De Rito Partners planning to develop five grocery-anchored retail plazas in the Phoenix area. The company also is talking with Kimco about serving as a partner on those projects. Doug Himmelberger is in charge of development at De Rito Partners. Get more from De Rito, Gerardo and Himmelberger at (480) 834-8500. Talk to Sorensen at (480) 994-3350. Reach Markakis at (602) 230-2507.
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