The Village at Prasada a big hit with retailers!
Phoenix Business Journal
The Phoenix region's source for local business news & events. Part of the American City Business Journals network.
Three years after SimonCRE started construction on the 700,000-square-foot power center in Surprise, all of the spaces in the outdoor mall are spoken for. The second phase – the 350,000-square-foot Prasada North – only has 20,000 square feet left to lease.
With a lot of pent-up demand for retail in the West Valley, Simon expects it to be one of the top performing shopping centers in the state, representing a more than $600 million investment across 1 million square feet. At buildout, the center is projected to create 2,500 new jobs, according to city of Surprise estimates.
So far the major brands that have opened at Prasada include Fat Cats , Sprouts Farmers Market , DICK'S Sporting Goods , Kohl's and PetSmart , while Hobby Lobby , 塔吉特百货 Boot Barn are in the pipeline. Restaurant concepts new to the West Valley including Cooper's Hawk Winery and Restaurants , Firebirds Wood Fired Grill and O.H.S.O. Brewery have also opened.
It's a far cry from when SimonCRE decided to pursue the development of the Prasada shopping complex in 2019. Back then, things didn't initially look too favorable.
There was a lot of 'Oh, s--t' moments in the beginning. Covid hits and nobody wants to talk to you in the retail world because all of their stores are being shut down.
— Joshua Simon , founder and CEO of Scottsdale-based SimonCRE
Written by Audrey Jensen : Prasada shopping complex in Surprise a hit with retailers, more growth expected
On the Cover
Each week, here's where we highlight our latest cover story.
The Phoenix Business Journal is shining its annual spotlight on a group of 40 executives who have taken on starring roles in their organizations and are on a clear path to greater things.
The Class of 2024 40 Under 40 honorees represent myriad business sectors, from law to real estate, health care to technology, and also from nonprofit organizations. They all took their walk down the red carpet at the awards luncheon on July 8, in front of a sold-out event with more than 300 attendees at the Four Seasons Resort Scottsdale. Arizona Bank & Trust, a division of UMB Bank, n.a. was this year's presenting sponsor for the event.
Written by Greg Barr and Q&As by Mignon Gould, MFA : 40 Under 40, Fit for the big screen
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In the Tech World
Each week, we feature relevant tech news that we've been covering.
Microchip Technology Inc. ’s shares tumbled more than 10% on Aug. 2 after the Chandler-based semiconductor company reported weak demand, an ongoing inventory correction and obstacles in navigating the CHIPS Act grant process during its first quarter of fiscal 2025.
Microchip’s (Nasdaq: MCHP) global factories continued to run at lower utilization rates as it sought to control inventory in a challenging macro environment, according to the company.
The company initiated a two-week shutdown in June at three semiconductor fabs, including one in Tempe. The company, however, does not expect to initiate any two-week factory shutdowns in the September quarter, company’s chief financial officer said on an earnings call earlier this year.
We do not expect production value out of the fabs to be much different quarter on quarter. We continue to have attrition and had to lower starts because of that, but we'll not be having another two-week shutdown.?And in our assembly and test areas, we will continue to have days off for those activities to manage our finished goods assembly and test outs appropriately.
— Eric Bjornholt , chief financial officer, Microchip
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Community Highlights
Each week, we highlight what's happening around the business community with big nonprofit donations, charity golf tournaments, or other events.
Arizona Cardinals commit to support the George Washington Carver Museum and Cultural Center through 2030
On Aug. 5, the Arizona Cardinals Football Club donated $50,000 as part of a multiyear commitment to support the historic George Washington Carver Museum and Cultural Center in Phoenix.?Cardinals cheerleaders Big Red and Shaun Mayo; Chief People Officer Rebecca Childress; Sr. Project Coordinator and Carver’s executive director, Matthew C. Whitaker, Ph.D.; board President Brenda Thomson, Esq.; and board members Robert Barlow; Thomas Claiborne, IV; and Sonji Muhammad as well as volunteers were on hand for the presentation ceremony.
Interested in having your event listed? Contact Associate Editor Mignon Gould, MFA for consideration at [email protected].
Viewpoint
Valley business leaders weigh in on the biggest issues of the day.
A college degree makes a big difference. I’m living proof | Cecilia Mata is chair of the Arizona Board of Regents and owner of AllSource Global Management LLC.
My upbringing informs my perspective as chair of the Arizona Board of Regents not because my story is unique. Rather, it’s because it is so common. Across our state, there are countless young people of limited means who want something better, just as I did. They need to know that college is for them, too.
Executive Spotlight
Each week we highlight a video clip from our weekly profile interview series, Executive Inc.
Company: Persefoni
Education: Bachelor's degree, Northern Arizona University ; MBA, 美国亚利桑那州立大学
Newsletter curated by Phoenix Business Journal Managing Editor Paul Thompson and Associate Editor Mignon Gould, MFA. If you have any tips for the newsroom, please reach out to Paul at [email protected] or Editor-in-Chief Greg Barr at [email protected].