PDG America Readies $10-Mil Expansion for $11.2-Mil Buy

PEORIA, AZ-Phoenix-based PDG America has purchased the 100,000-sf Peoria Station, an under-construction fitness center and 11 acres for $11.2 million. The new owner is plotting an expansion that will cost close to $10 million.

The newest holding of PDG America, one of the state’s most active retail buyers and developers, is located at the southwest corner of 67th and Peoria avenues. A Safeway store anchors the center.

PDG also has taken title to an under-construction 41,000-sf building that has been leased by L.A. Fitness. Part of Peoria Station, the fitness center has cost the developer an extra $1.4 million. The center will open in August.

The developer’s expansion calls for construction of an 11,400-sf structure for Tutor Time Child Care Learning Center and 20,000 sf of shop space. The child-care facility will break ground by the fourth quarter, with an eye on a Q4 2002 opening. Phoenix-based Kubicek Architects & Associates has designed the facility. Jan Fincham and Patrick Dempsey, both of Lee & Associates Arizona Inc.’s Phoenix office, have brokered the $11.2-million Peoria Station sale.

PDG America has purchased or been in development of a number of retail projects in the past year. In January, the company had spent $8.8 million a 29-acre parcel at the corner of 48th Street and Carefree Highway in northeast Phoenix. The company plans to build the 250,000-sf Carefree Markets, which will be anchored by a Fry’s Food Store. PDG also reportedly is vying with several others to purchase Tucson’s Foothills Mall. The 500,000-sf mall, located at the northeast corner of Ina Road and LaCholloa Boulevard, has been up for sale for some time. PDG reportedly has a $60-million offer in on the mall, but other competitors have emerged that would quell the deal.