The commercial real estate scene in Surprise, Arizona, just witnessed a significant transaction with Curbline Properties Corp. placing a $32 million bet on a segment of the Prasada shopping center development. The retail portfolio's new piece includes heavy-hitters such as Shake Shack and Starbucks among around a dozen anchored establishments occupying the freshly acquired 34,000 square feet of space, according to ABC15 News

Steered by the retail-focused real estate investment trust (REIT), headquartered in Beachwood, Ohio, the cash purchase spans seven acres of the emerging Prasada North project near Loop 303 and Waddell Road it is part of a larger retail ensemble slated to extend to 350,000 square feet designed to transform this corner of Surprise into a shopping hub; the overall project is currently 89 percent leased, The Real Deal reported.

SimonCRE, the Scottsdale-based developer behind Prasada North, yielded this slice of retail estate in what was termed an off-market deal. The transaction crystallizes the firm's realized value from the development and serves to diversify risk, Joshua Simon, founder and CEO of SimonCRE, detailed in a statement obtained by The Real Deal. He affirmed the shared long-term vision for the property between SimonCRE and Curbline, with the former retaining the majority of the Prasada North retail center.

The acquisition not only broadens Curbline's commercial footprint, but also anchors its presence in Arizona; their portfolio now includes 11 properties in the state, while they hold shopping centers across 19 states nationally as of their latest count—the Shops at Prasada North deal carved out a considerable $941 per square foot and marked the first trade of part of the Prasada shopping center to another enterprise, Curbline's portfolio expansion is not simply about spreading their holdings geographically but aligning them with trust in the enduring appeal of convenience retail, expressed Simon.