CBRE has negotiated a 58,205 SF lease at ABC Retail Center located at 7125 E. Broadway Blvd. in Tucson. Floor & Décor, an Atlanta, Ga.-based company and leading specialty retailer in the hard surface flooring market, has leased the building and opened December 12, marking its first location in Tucson.
Nancy McClure of CBRE’s Tucson office and Jeff Kittleson with CBRE Dallas represented the tenant in negotiating the long-term lease agreement. The landlord, ABC Broadway/Kolb Center LLC of Tucson, was self-represented. The exact financial terms of the transaction were not disclosed.
“When evaluating the Tucson market, Floor & Décor wanted to find a location that would be easily-accessible to a large swath of the Tucson population, and Broadway Boulevard near the regional mall and other national retailers achieved that,” said CBRE’s McClure. “Also, there is a tightening of available big box spaces in Tucson, with only seven vacant retail spaces of 30,000 square feet or greater currently available. So, finding this space in a vibrant “main & main” area was appealing. We started the search in mid-year 2013 and this vacant box space will allow Floor & Décor to be open by mid-December.”
Founded in 2000, Floor & Decor currently operates 37 stores in 18 metropolitan markets across the country. Stores typically range in size from 60,000 to 80,000 SF, and each store stocks approximately 2,500 products. In addition to the Tucson location, the national retailer also has locations in Tempe and Glendale.
Located at the NEC of Broadway Boulevard and Kolb Road, the former grocery store sat vacant for almost two decades. The property is currently undergoing renovation, including exterior improvements, which will be finished prior to Floor & Decor’s occupancy. Benefitting from one of the highest traffic volume intersections in Metro Tucson, proximity to other major retailers including DSW, Sports Authority, Office Depot, Home Goods, Michael’s and others, as well as ample available parking with 110 available spaces, the building is well positioned to meet the needs of Floor & Decor’s many customers.
