Houston-based NewQuest Properties has bought the Chandler Ranch Shopping Center in southeast Phoenix, looking to provide a bit of Asian flair to the center.
NewQuest, a commercial real estate agency, spent $11.5 million buying the center, according to the Vizzda real estate database, and will pour almost $10 million into redeveloping the center to expand its Asian-influenced concept.
The cash also will go toward finding new tenants to fill the 117,391-square-foot center, which was formally named the Andersen Fiesta Shopping Center at 1760 W. Chandler Blvd. in Chandler.
This acquisition makes the Chandler Ranch Shopping Center NewQuest's first wholly-owned asset in Arizona.