REALM, in partnership with Pennant Development, has acquired Skyline Ranch Marketplace, a 31-acre site in San Tan Valley, Ariz., within the Phoenix metropolitan area, with plans to develop a 165,500-square-foot retail shopping center. Pennant Development was formed in January 2015 and is focused on developing and investing in neighborhood shopping centers in the Southwest, with multiple retail properties currently under development in Arizona and Nevada.
"REALM is thrilled to be partnering again with Pennant Development on this important retail project," said Travis King, founder and CEO at REALM. "We are confident in the sustained growth of Phoenix and San Tan Valley and look forward to deepening our presence in this high-growth market."
The centerpiece of the site will be anchored by a newly constructed WinCo Foods, scheduled to open in 2025. Other established retailers currently operating onsite include The Home Depot, Panda Express and Freddy's Frozen Custard &