Jones Lang LaSalle Inc.
11/12/2026 | Press release | Distributed by Public on 11/12/2026 12:07
CenterCal Properties acquires Park West Shopping Center in Peoria, Arizona
Key Takeaways
- JLL Capital Markets arranges the sale of Park West Shopping Center, a 254,982-square-foot theater-anchored lifestyle center in Peoria, Arizona.
- CenterCal Properties acquired the asset from CIRE Equity, marking the company's first acquisition in Arizona
- The 92%-occupied property offers a mix of entertainment, dining, apparel and daily-needs retailers with additional value-creation opportunities through future leasing and development.
PHOENIX, Nov. 12, 2026 - JLL Capital Markets announced today that it arranged the sale of Park West Shopping Center, a 254,982-square-foot theater-anchored lifestyle center located in Peoria, Arizona.
JLL represented the seller, CIRE Equity, in the transaction. CenterCal Properties acquired the asset.
Originally completed in 2007, Park West Shopping Center is a 92%-occupied lifestyle center featuring a diverse mix of entertainment, dining, apparel and daily-needs retailers. Anchored by a Harkins Theatre, the property features a curated collection of national, regional and local tenants, including Fleming's, Grimaldi's, Athleta, BJ's Restaurant & Brewhouse, Pita Jungle, See's Candies, The Sicilian Butcher, Vans and other complementary retailers and restaurants.
Located in Peoria within the rapidly growing West Valley region of metropolitan Phoenix, the property benefits from direct access to Loop 101, one of the area's primary transportation corridors. The center serves a large and affluent consumer base and is strategically positioned within a well-established retail corridor that continues to attract residents, visitors and businesses seeking access to the broader Phoenix metropolitan area.
Park West's combination of entertainment, dining and retail offerings has established the property as a prominent community destination. In addition to its existing tenant mix and strong occupancy, the asset offers future value-creation opportunities through tenant curation, lease-up initiatives and the development of remaining pad sites.
The JLL Capital Markets team was led by Director Tess Berghoff, Managing Director Patrick Dempsey and Analyst Ross Jorgensen.
"Park West offered investors a rare opportunity to acquire an established lifestyle destination with a strong entertainment anchor, a highly curated tenant mix and multiple avenues for future growth," said Berghoff. "CenterCal recognized the property's long-term relevance within one of the Valley's most dynamic retail corridors and its potential to continue evolving alongside the surrounding community."
JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of approximately 112,000 as of September 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.
About CIRE Equity
CIRE Equity is a privately held real estate investment firm with a proven track record of acquiring and managing income-producing commercial real estate assets across the United States. With $1.3 billion in assets under management and more than 7.5 million square feet of historical holdings, the firm maintains a disciplined focus on long-term investments that deliver sustainable growth and enduring value across industrial, retail, multifamily, and office sectors.
About CenterCal Properties
CenterCal, a premier full-service commercial real estate company founded in 2004, is redefining the landscape of the U.S. With a focus on community-building, the company creates spaces that foster connection, enjoyment, and a sense of belonging. Under the visionary leadership of CEO Jean Paul Wardy, CenterCal has become synonymous with excellence and innovation, boasting a portfolio of iconic destinations across California, Idaho, Oregon, Utah, and Washington. Rooted in core values that include creative persistence, uplifting communities, and creating magical places, CenterCal specializes in the investment, development, leasing, and management of high-quality retail and mixed-use developments from its headquarters in El Segundo, Calif. More information, including a full property portfolio, is available at centercal.com.
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