De Rito Renovation Gambit
We spoke with Phoenix retail owner icon Marty De Rito about his latest value-add gamble: Southern & Stapley center. De Rito Opportunity Investors— formed by Marty and a handful of partners—purchased the 85k SF retail plaza in Mesa for $2.2M from Brixmor a year ago and has since renovated it. Now, Marty tells us he hopes to retenant the property to capitalize on a young Hispanic population that surrounds the center—and the success of nearby Mesa Ranch Plaza.
Marty says Southern & Stapley is one of 44 value-add assets the fund has purchased in Phoenix. The fund's operation is traditional real estate: Buy rundown centers, fix them up, refill them, and sell for a profit. (Everybody needs a makeover sometimes. Some of us, more often than others.) It's done that with eight of its properties so far. It's getting a lot of interest in the anchor box right now, he says. "From what it was to today, it's a completely different property."
