PREP Property Group has acquired the Promenade at Casa Grande, a large power center in Casa Grande, Arizona, for $63.1 million. The open-air retail complex totals approximately 470,000 square feet and was sold by Lamar Companies. Lamar had previously purchased the mall in 2018, and the latest transaction marks a new ownership chapter for the property.
The Promenade at Casa Grande was developed in 2007 and is positioned as a regional power center serving the Casa Grande area. The property includes a lineup of established national retailers. Current anchors at the complex include Harkins Theaters, Ross, Michaels, and Five Below, which help drive destination traffic to the center.
Not all of the large-format stores on site were part of the sale. Three anchor locations at the Promenade, a Dillard’s, a JC Penney, and a Target, were excluded from the transaction. Target had previously closed at the site and later re-opened earlier this year, but its real estate interest was not included in PREP Property Group’s purchase.
PREP Property Group specializes in properties that offer redevelopment or value-add potential. The firm describes itself as a fully integrated real estate company built on the foundation of the strategic investment and net lease divisions of Phillips Edison & Company. Its platform targets a range of retail asset types, from single-tenant buildings to more complex formats such as power centers, enclosed malls, and mixed-use properties.
The acquisition of the Promenade at Casa Grande fits within PREP’s stated focus on repositioning and enhancing retail assets. While specific plans for this property were not disclosed, the transaction aligns with the company’s broader strategy of investing in large retail centers where active management and redevelopment can play a meaningful role in performance.
