SCGWest Brings Financial Acumen to Coldwater Springs Promenade Project
Avondale, AZ, August 31, 2023 — SCGWest is thrilled to announce that they have successfully arranged a $10 million capital stack for West Hive Capital and their retail expansion of Avondale’s Coldwater Springs Promenade. This 40,000-square-foot addition underscores SCGWest’s commitment to fostering growth and development for commercial brands.
The expansion initiative was inspired by the last 5.5 acre parcel of undeveloped land adjacent to an already thriving shopping center. “Identifying this empty piece of land, combined with a tenant we had been in discussions with, made this the perfect opportunity to go out and develop,” shares Kyle Gorman, Co-Founder and Managing Partner of SCGWest.
Known for their expertise in project management, SCGWest skillfully managed both equity and debt arrangements, ensuring the project’s financial foundation is as solid as the construction it supports. “This project showcases our capabilities, not just in construction management, but also in the world of financing,” says Gorman.
He also emphasizes the importance of pre-leasing in retail development. “Pre-leasing is our strength. Specializing in retail and pre-leasing with quality tenants means the project will have a higher chance of success and profitability,” he states. This sentiment is evident in their proactive approach to this project, as they’ve subdivided the land into four parcels and are in advanced stages of negotiation with multiple quality tenants. “Goodwill, our anchor tenant, has already formalized their commitment by signing a lease, and two other credit tenants are in the LOI (Letter of Intent) stage,” Gorman adds.
The expansion by West Hive Capital of Coldwater Springs Promenade will not only provide additional retail in the trade area, but it is also anticipated to generate new jobs and spur economic activity. Construction is slated to begin next summer in 2024, with a completion date towards the end of 2025.
For those interested in further collaborations or investments, SCGWest is always in search of Limited Partner (LP) investors. Please reach out to 855-348-5505 for more information.
About SCGWest
SCGWest is a leading project and construction management firm that provides turnkey solutions for commercial and corporate clients. With an unwavering commitment to quality and an eye for detail, the firm boasts an impressive portfolio of successful projects across the country. These factors have made them a notable player in the competitive commercial real estate and construction industry. In recognition of its growth, SCGWest achieved a remarkable 1,860% growth rate and ranked 307th in Inc. 5000 Magazine’s list of America’s fastest growing private companies in 2022. Discover more about SCGWest and its comprehensive project management solutions at www.scgwest.com.
Contact: team@scgwest.com
Phone: (855)-348-55055
