Park West, the sprawling retail center in Peoria, has a new owner. California-based CenterCal Properties has purchased the shopping destination, marking the company's first foray into the Arizona market.
The sale was reported by Phoenix Business Journal, which notes that Park West sits on Northern Avenue just west of Loop 101 and functions as a mixed-use retail hub. For CenterCal, the acquisition represents an entry point into a state where the company had not previously held property, according to the same report.
Park West features more than 30 restaurants, entertainment venues, fitness studios and shops, anchored by a 14-screen Harkins Theatre, according to Peoria Economic Development.
A Property With a Winding Ownership History
This is not Park West's first change of hands. The Howard Hughes Corp. sold the center to CIRE Equity in 2017 for more than $34 million, according to azcentral.com. That outlet also reported that the center was at about 75% occupancy in 2018, when property manager Jonathan Yee was quoted discussing the mall's trajectory.
Following that 2017 purchase, CIRE Equity moved to reinvest in the property. A $4 million renovation plan included new shade structures, a splash pad and two 60-foot signs, per azcentral's reporting. Separately, Meridian Capital Group has said it arranged $31.3 million in balance-sheet financing tied to CIRE Equity's acquisition of the center, though that figure reflects financing rather than the purchase price itself.
Retail Market Conditions Favor Sellers
The Park West sale comes as Phoenix's retail sector continues to tighten. Retail vacancy across the metro held at 4.4% in the third quarter of 2026, down 10 basis points from 4.5% a year earlier, according to a Kidder Mathews market report. Average asking rents climbed to $1.77 per square foot per month over the same period, up 6.17% year over year.
Sale prices have moved in tandem. The average Phoenix retail sale price reached $261 per square foot in the third quarter of 2026, a 17.42% jump from the prior year, the Kidder Mathews data show. Meanwhile, the amount of retail space under construction in the metro fell to 2,553,137 square feet, down nearly 20% year over year.
More Development Planned Nearby
Change continues around Park West's edges as well. A four-story, 338-unit multifamily development is planned for a parcel at 99th and Northern avenues, adjacent to the shopping center, according to Peoria Independent/YourValley. The Peoria City Council was scheduled to take up the project Monday.
CenterCal paid $116.7 million for Park West. The company's plans for the center going forward have likewise not been disclosed.
