PREP Property Group paid $63.1 million for the Promenade at Casa Grande, a 470,000-square-foot power center in Casa Grande, Arizona, about an hour west of Phoenix. Lamar Companies was the seller. Lamar purchased the mall in 2018. PREP focuses on the redevelopment of properties like the one it just purchased.

The complex, built in 2007, includes anchors such as Harkins Theaters, Ross, Michaels, and Five Below. Three anchors at the locations, a Dillard’s, JC Penney and Target, were not included in the deal. Target closed and then re-opened earlier this year.

PREP says it is a fully integrated real estate company built on the foundation of the strategic investment and net lease divisions of Phillips Edison & Company. Their focus includes redevelopment and value-add projects ranging from single-tenant retail to more complex properties, such as power centers, enclosed malls and mixed-use properties.

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