CHANDLER, Ariz. – With lease-up close at hand, NewQuest Properties is preparing for the next wave of openings in Chandler Ranch, an innovative project seeding Chandler's high-tech hub with new-to-Arizona restaurant and retail brands.
The NewQuest project, totaling 117,565 sf, is 97% leased, a milestone reached within 30 months of the Houston-based developer's acquisition of the property – a one-time struggling center that's been infused with $10 million of capital improvements and re-tenanting. The high-profile project at 1760 W. Chandler Blvd. is anchored by 99 Ranch Market, the California-based grocery chain's first store in Arizona as is the case with the majority of the tenant roster.
Permitting and construction are underway for Daiso (8,260 sf), Gen Korean BBQ House (5,470 sf), The Kickin' Crab (4,678 sf), 85° C Bakery Café (3,555 sf) and Somisomi Soft Serve (1,470 sf). Openings are anticipated to start in the fall and continue through year's end.
"We are grateful to Chandler's economic development team for helping our tenants, who overwhelmingly are new to Arizona, navigate the process," says Naoyuki Kondo, leasing specialist in Houston-based NewQuest's Asia-Pacific Retail Group. "As a result, construction is running smoothly across the board."
NewQuest is establishing Chandler Ranch as a dining and shopping destination, leaning on its longtime relationships in the Pan-Asian retail and restaurant sectors to accomplish its mission. The majority of tenants, though new to Arizona, are well-established West Coast brands.
"It is wonderful to see so many Asian shops and restaurants select the revitalized Chandler Ranch for their first location in our region," says Mayor Kevin Hartke. "I think it is a testament to Chandler's diversity and appreciation for global cultures. These new offerings will provide a welcome taste of home for some of our residents and exciting experiences for many others."
NewQuest, like its hand-picked tenants, was drawn to Chandler because of its rapidly expanding Asian population, which is now the largest in the state. The five-mile trade area boasts nearly 307,000 residents, of whom 7.75% are Asian or Pacific Islander. The average household income is $104,403 per year.
"Our development has gained national attention because we are attracting so many new brands to the state. We were signing leases throughout COVID," Kondo says. "The lease-up has moved more quickly than we anticipated."
NewQuest has created a new economic catalyst for the high-tech Price Corridor, breathing life into a 14.5-acre property near Loops 101 and 202. Gone are the once-vacant storefronts. In their place is an eclectic collection of Asian, Mexican, Mediterranean and American restaurants and the promise of becoming a shopping destination after Daiso, which has a cult following, opens its doors.
Daiso is a lifestyle value store concept with an inventory of more than 80,000 Japanese products, including kitchenware, snacks and toys. The chain has 6,000 stores worldwide and 83 in the U.S.
"Chandler Ranch appeals to hybrid consumers who appreciate the Asian culture. Our project has drawing power for everyone from dining connoisseurs to niche shoppers," says Kondo, who teams on the leasing with Heather Nguyen, development partner and leader of the firm's Asia-Pacific Retail Group.
Media contacts:
Naoyuki Kondo, NewQuest, 281-477-4365
Stephanie Romero, City of Chandler, 480-782-2231
NewQuest Properties, founded in 2001, is a privately owned, full-service commercial real estate firm specializing in development, land brokerage, leasing, tenant representation, investment sales and property management services. Headquartered in Houston, NewQuest owns a portfolio encompassing more than 100 retail and mixed-use projects exceeding $2.3 billion in value and provides leasing services for more than 12 million square feet of commercial space in Texas, Louisiana, Arizona, Georgia and throughout the U.S.
8827 W. Sam Houston Pkwy. N., Suite 200 • Houston, TX 77040 • Tel 281.477.4300 • Fax 281.4774399