5555 Broadway, WEB

CBRE Releases Recent Tucson Transactions

CBRE has recently leased two retail spaces totaling 5,522 SF located at the 5555 Broadway Center in Tucson.

The redevelopment project was formerly home to a Mervyn’s department store. The site, which sits at the northeast corner of Broadway Boulevard and Craycroft Road, is anchored by Hobby Lobby and Stein Mart. Nancy McClure and Michael Laatsch with CBRE’s Tucson office negotiated the lease for the landlord/developer, Benenson Capital Partners of New York City. The newest tenants include an Arizona Urgent Care, which will open in the 3,522 SF west-corner end-cap, and Potbelly Sandwich Shop, which leased the remaining 2,000 SF between Urgent Care and Broadway Smiles Dentistry & Orthodontics. Arizona Urgent Care was represented by Ken Elmer of Commercial Properties, Inc. and Potbelly was represented by Zach Pace of Phoenix Commercial Advisors. Arizona Urgent Care and Potbelly Sandwich Shop will both open in mid-2014.

“The redevelopment of this former Mervyn’s site is redevelopment done right. The proactive planning, collaboration and hard work by all of the organizations involved have resulted in a transformed property,” said CBRE’s McClure. “This 7.1-acre corner is now home to a modern, successful retail strip center that is 100 percent leased and is a huge boon to the community.”

“5555 Broadway Center has been a great project, and we owe CBRE a great debt in its ultimate success,” said Gary F. Sedoruk, managing director of Benenson Capital Partners. “I think we built a great team in Tucson.”

Formerly the site of a Mervyn’s department store and a long-closed, boarded-up tire shop, 5555 Broadway was purchased by Benenson Capital Partners in 1992. After Mervyn’s closed in 2009, redevelopment did not begin until early 2012. The pad was completed as shell space at the end of 2012, with three of the four spaces leased to the Mattress Firm, Vitamin Shoppe and Broadway Smiles Dentistry and Orthodontics prior to completion. The anchor tenants took occupancy after improvements to the main building with Stein Mart opening in late 2012 and Hobby Lobby in the spring of 2013. With the latest additions of Arizona Urgent Care and Potbelly, the entire retail development is now fully leased.

OTHER TRANSACTIONS

Local homebuilder United Builders LLC has leased 1,560 SF of office space at 6601 E. Grant Rd in Tucson. CBRE’s David Montijo negotiated on behalf of the tenant. The landlord, C2D2 Associates LLC, was self-represented. United Builders took occupancy early January.   Progressive Animal Wellness Services LLC has leased 3,150 SF of retail space at Rita Ranch shopping center located at 9040 Valencia Rd. in Tucson. CBRE’s David Dutson negotiated on behalf of the landlord, CNA Enterprises, Inc. The tenant, who was represented by Dean Ingram with DeRito Partners, took occupancy in early January.   The Thomas R. Brown Family Foundation has leased 4,718 SF of office space at Taylor Office Park located at 1990-1996 N. Kolb Rd. in Tucson. CBRE’s Jeff Casper negotiated the 10-year lease on behalf of the landlord, Taylor Kolb LLC. The tenant, who was represented by Bob Davis and Tom Hunt with Rein & Grossoehme, will take occupancy in early March.   Burns Pest Elimination of Tucson has leased 3,516 SF of flex/industrial space at 2002 N. Forbes Blvd. CBRE’s Tim Healy and Bob DeLaney negotiated on behalf of the landlord, San Diego, Calif.-based DMIG, LLC. The tenant, who was represented by Jeff Casper with CBRE, will take occupancy March 1st.   The National Ecological Observatory Network has leased 3,900 SF of office space at Valencia Business Park located at 2115 E. Valencia Rd. in Tucson. The landlord was Tucson-based Obedin Holdings LLC. CBRE’s Bill Di Vito and Jesse Blum represented both the tenant and landlord in negotiating the lease term. The Boulder, Colo.-based NEON, which is designed to gather and synthesize data on the impacts of climate change, land use change and invasive species on natural resources and biodiversity by collecting data from 106 sites across the U.S., will take occupancy in early June.

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