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Once-Struggling Goodyear Retail Center Rebounds, Changes Hands
TriGate Capital has sold off the Canyon Trails Towne Center, a 90-acre shopping center in Goodyear, Arizona, but not before it had to get off the deck to fight another day. The property was sold for $41 million to Santa Cruz Seaside Company.
Canyon Trails Towne Center opened in 2008 just as the Great Recession was peaking. As a result, two key retailers, Home Depot and Kohl’s decided not to move forward with their stores, then Sports Authority vacated leaving massive holes in the shopping center and its future uncertain. In 2013, TriGate Capital purchased the center for $23 million.
They found tenants for the vacant space (Super Target, Ross, Petsmart, and Pottery Barn Outlet), rezoned the Home Depot and started work on 284 apartment units. That was the catalyst that raised occupancy at the mixed-use center to 100%. The center has over 200,000 square feet of available building area with expectations of adding a specialty grocer, large format retailers, more restaurants and a hotel.
