Thompson Thrift Retail Group, a wholly owned company of Indianapolis-based Thompson Thrift, closed on the property, on the northeast corner of U.S. 60 and Signal Butte Road in Mesa. The deal closed April 9. Thompson Thrift is expected to close on another seven acres for the rest of the development later this year.

Thompson Thrift purchased the property through a related limited liability company – Signal Butte Hampton Mesa AZ LLC – for $4.56 million, according to documents filed with the Maricopa County Recorder’s Office. The seller was Mesa-based Bela Flor Communities.

The retail development will feature 95,000 square feet of retail space across a series of freestanding and multi-tenanted buildings when it is fully built out. Thompson Thrift said the entire project will cost more than $28 million to develop.

“We are excited to work with the city of Mesa to develop this strategic piece of real estate just off the U.S. 60,” Chris Hake, senior vice president and director of the Southwest region for Thompson Thrift, said in a statement. “The east Mesa area continues to see strong growth as evidenced by the more than 800 recently announced residential units that will surround the site. We look forward to adding additional best-in-class retailers to this project.”

Thompson Thrift already has a number of local and national chains attached to the project including Whataburger, Backyard Taco, Black Rock Coffee and EOS Fitness. The first phase of the retail development is expected to open during the first quarter of 2022, Thompson Thrift said in its announcement.

In July of 2020, the city of Mesa’s planning and zoning board voted to recommend approval of Mountain Vista, the 80-acre master planned development that this retail center will be part of. Mountain Vista also includes a large rental-only residential community being built by Bela Flor.

Besides these first tenants, there are plans for other shops and restaurants on the property, as well as a 4-story hotel.