Harvard Investments, an Arizona-based real estate investment and development company, is in escrow to sell two commercial pads within its Arrival at Cadence commercial center to Thompson Thrift Retail Group, a wholly owned company of Indianapolis-based Thompson Thrift.

Cadence at Gateway, a 444-acre master-planned community in Mesa, is at the southeast corner of Ellsworth and Ray Roads.

The two commercial pads are opposite each other on the north and south sides of Cadence Parkway at the main entrance of the master-planned community, according to a release.

Thompson Thrift is planning to build two multi-tenant shop buildings and anticipates welcoming Point 22 Tavern, Cork Crush Wine Bar & Beer House, NextCare Urgent Care, Athletico Physical Therapy, BoSa Donuts and a nail spa to its shops. Tenants are anticipated to move in mid 2022.

“Thompson Thrift is bringing highly anticipated retailers to our vibrant community and responding to Cadence residents’ requests for a variety of high-quality dining and retail options to enhance their lives,” Tim Brislin, vice president of Harvard Investments, said in the release. “We are proud to partner with Thompson Thrift at Cadence as they share our vision for this area’s potential. We appreciate their efforts to bring such a strong mix of businesses to Cadence. Many of these offerings, especially the wine bar, are the first of their kind in our area and we’re thrilled they chose Cadence.”

When Arrival at Cadence is fully built out, the center is planned to have approximately 130,000 square feet of commercial space consisting of approximately 20-25 diverse businesses. The first sales at Arrival were in late 2020 to Mountainside Fitness and QuikTrip. Mountainside is under construction and intends to open in fall 2021. QuikTrip intends to break ground in July 2021. Additional operators coming to Arrival include Black Rock Coffee Bar, Burger King and McDonald’s. Approved uses include retail, restaurants including quick service, sit-down and fast food, medical and offices.

“We’re excited to work with Harvard Investments to develop these premium retail pads at the entrance of one of most popular master-planned communities in Arizona,” Chris Hake, senior vice president, director of the Southwest region for Thompson Thrift, said in the release. “We’re proud to be 100% pre-leased prior to closing in an area of Mesa that continues to see strong growth as evidenced by the rapid sales of remaining homes at Cadence at Gateway. We look forward to adding additional best-in-class retailers to this project.”

This is the 28th project for Thompson Thrift Retail Group in the Southwest since opening a Phoenix office in 2016. In addition to the Cadence development, Thompson Thrift Retail Group’s 2021 Southwest pipeline is projected to include more than $200 million in volume across the Phoenix metro area, including planned projects in Glendale, Gilbert, Tempe, Peoria, Maricopa, Tucson, Casa Grande and Peoria.

Ed Beeh, Mike Polachek and Stephanie Davis of SRS Real Estate Partners represented both Harvard Investments and Thompson Thrift Retail Group in the sale transaction, and Thompson Thrift Retail Group in the lease up of the shops.

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