GDC/RE leased another “big box” space in its listing portfolio. With the completion of a transaction with Epic Stores, the firm leased the 47,036 SF foot former Safeway grocery store at the NEC of 19th Ave. and Union Hills Dr.
That transaction also marked the 10th lease of more than 10,000 SF completed by the Phoenix based real-estate company in the past 12 months.
“Arizona has been seen as the poster child of big-box vacancy in recent years; however, I’m proud to say that our firm has re-tenanted every anchor and other large-format space in our portfolio. In many cases, we leased box space that had been vacant for years,” said Joe Doucett, co-founder and designated broker of GDC/RE.
One example of this is a former Linens n Things box at Yuma Palms in Yuma. GDC/RE took on the listing of that center in 2012 and within less than a year leased the 24,943 SF space that had been vacant since 2008.
“Our leasing team produced multiple offers from national retailers for the space, thus ensuring our client, Inland Continental, was able to secure the best possible deal for the project,” Doucett said.
Some of GDC/RE’s box-listing clients have included Donahue Schriber, Retail Properties of America, Inc., Inland Real Estate Group of Companies, Barclay Group, SyWest, Litwin Management and Pac West Development. Major retail clients of more than 10,000 SF include Blast! Fitness, Beall’s Outlet, Family Thrift Stores and Turn Style Consignment Stores.