Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading commercial real estate developers, announced that it has purchased approximately 3.68 acres of land for the development of South Tempe Square, a 27,119-square-foot retail center in Tempe. Construction is expected in the first quarter of 2025 and opening is planned for early 2026.
“We believe South Tempe Square will provide a high-quality retail center for the community while offering retailers an exceptional high-traffic, high-visibility location,” said Andrew Call, vice president of development management – southwest region for Thompson Thrift.
South Tempe Square will be developed at the northwest corner of Rural Road and Warner Road, a major trade area that boasts several premier employers and strong population density, household incomes and traffic counts. The center will consist of four buildings, ranging in size from 4,500 square feet to 9,753 square feet.
Thompson Thrift is in lease negotiations with multiple tenants and is seeking a variety of best-in-class restaurant, retail and service providers.
South Tempe Square is located in the heart of Tempe, a young, culturally diverse city with a population of more than 180,000 people and a median age of 28 years old. The intersection of Rural Road and Warner Road is located in the most affluent area in Tempe and surrounded by one of the state’s most educated zip codes. The neighborhood also boasts one of the top school districts in the state, making it a highly desirable location for families.
Tempe is home to Arizona State University, the largest university in the United States. Additionally, the city is a popular tourist destination with a variety of attractions, including the Desert Botanical Garden and the Tempe Center for the Arts. Desert Financial Arena, a 14,000-seat arena located on the ASU campus, hosts multiple events throughout the year, drawing additional tourism to the area.
Thompson Thrift is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. Thompson Thrift is well-established throughout Arizona with more than 20 industrial, retail and multifamily projects in development, with an estimated volume of more than $1.5 billion.
For nearly 40 years, Thompson Thrift has invested more than $6 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive multifamily, commercial and industrial project.
