Cypress Equities companies (“Cypress”) today announced that Cypress Lake Pleasant, LP, a new affiliated partnership, has purchased the fee simple interest in the Lake Pleasant Crossing shopping center in Peoria, Arizona. Cypress previously held a ground lease interest in the property, having developed the existing shopping center and Lowe’s Home Improvement Center on the site. With the purchase, Cypress is in the process of making several upgrades to the existing center as well as planning for the second phase of development.
Lake Pleasant Crossing is a 199,358-square foot power center located at the premier retail intersection of Happy Valley Road and Lake Pleasant Road. The retail center is anchored by Lowe’s Home Improvement Center and includes other national tenants such as US Bank, Wells Fargo and Papa John’s. Lake Pleasant Crossing serves the far Northwest Valley including Vistancia, Camino a Lago and West Wing Mountain Ranch.
“We’re excited to maintain Lake Pleasant Crossing in our portfolio of retail properties,” said Chris Maguire, chief executive officer for Cypress Equities. “This shopping center has tremendous potential to build on the growth occurring in this trade area and we look forward to attracting new merchants to serve the growing Peoria community.”
Ed Beeh, Brian Polachek, and Alan Houston with SRS Real Estate Partners in Phoenix will be managing the leasing for Lake Pleasant Crossing on behalf of Cypress.