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Purchase of Goodyear retail property indicates optimism in region

Post Date:07/13/2018 12:12 PM

Goodyear, Ariz. (July 13, 2018) – It’s no secret the West Valley, and in particular Goodyear, is booming.

The latest evidence is Stark Enterprises’ purchase of 40 acres at The Market at Estrella Falls – a retail space at the northeast corner of PebbleCreek Parkway and McDowell Road – for $49.1 million. The Macerich Co. and Globe Corp. sold the land to Stark and still own property east of the area.

“With the growth of Goodyear (Arizona), The Market at Estrella Falls is a welcome addition to our portfolio,” said Ezra Stark, chief operating officer of Stark Enterprises. “We are excited to be in the Arizona market and begin future development to further enhance this first-class center moving forward.”

Future plans are in place to further develop the area with another 10 acres of shopping, dining and entertainment, or what Stark Enterprises calls “super-prime property” in front of the 25 acres of already standing property.

“I could not be happier with the news that Stark Enterprises chose its first Arizona location to be in Goodyear” said Mayor Georgia Lord. “This shows that the most selective companies like Stark know this city is a great place to do business.”

Successful stores already in place at the site include HomeGoods/TJ Maxx, C-A-L Ranch Stores, and Oregano’s, which is the pizzeria’s busiest location in Arizona.

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About the city of Goodyear, Ariz.: Located less than 20 minutes from downtown Phoenix, Goodyear has over 300 days of sunshine and a diverse blend of amenities with abundant cultural, educational and entertainment resources. Today, the population is more than 81,000 and is a Valley leader in providing great opportunities for families and businesses to achieve their full potential. The highly educated and skilled workforce, affordable housing, low costs of doing business and a lot of Southwest charm create the right economic conditions for businesses to thrive – all within close proximity to Interstate 10, the Loop 101 and 303 freeways, and excellent transportation access to airports and rail services. The city also offers premier incentives to businesses looking to locate in Goodyear, including reduced property taxes and other tax benefits from the city’s Foreign Trade Zones, Military Reuse Zone and designated redevelopment areas. Goodyear is one of the fastest growing cities in the nation with best-in-class companies such as Sub-Zero, Cancer Treatment Centers of America, REI, AerSale, Dick's Sporting Goods, UPS and more. The 93% satisfaction rating by residents has earned Goodyear a reputation as an excellent/good place to live. The city gleams with tremendous community spirit, as exemplified by winning prestigious national awards such as the All-American City and City Livability, and was also ranked by 24/7 Wall St. as one of America's Top 10 Best Cities to Live.

About Stark Enterprises: Headquartered in Cleveland, Ohio, Stark Enterprises is a full-service and vertically integrated real estate development company with the highest level of expertise in acquisition, development, leasing, property management, capital markets, construction, architectural design, landscape architecture, marketing and security. With approximately eight million square feet of Class A properties in its portfolio with an approximate value of $2 billion, Stark Enterprises balances revolutionary idealism, new urbanist principals and sustainability practices with economic viability to deliver remarkable, next generation, mixed-use properties. For more information, visit www.StarkEnterprises.com.

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