Scottsdale-based developer, SimonCRE, purchased 31,179-square-foot parcel of land at the northeast corner of 21st and Northern Avenues with plans to develop a 6,142-square-foot multi-tenant retail building.
The building address is 2080 W. Northern Ave. The site is located less than half a mile east of the Interstate 17 Freeway and is in close proximity to the light rail, which was recently extended in the area.
SimonCRE plans to break ground on the multi-tenant building on July 10th with a completion date set for later this year.
“We have taken on many infill and adaptive reuse projects throughout the valley, including Tempe, Scottsdale and Phoenix.” said Joshua Simon, president of SimonCRE. “We are excited to bring another great project to Phoenix.”
Prior to closing, SimonCRE signed a lease with Caribou Coffee and Einstein’s Bagels co-branded concept. Caribou and Einstein’s Coffee & Bagels will occupy roughly 2,729 square feet of the upcoming development. There is no word yet on who is expected to join them in the multi-tenant building.
Brian Gausden with Western Retail Advisors represented the seller in the purchase. Michelle Gatti & Zach Pace of Phoenix Commercial Advisors represented SimonCRE and Matt Milinovich of Strategic Retail represented Caribou Coffee and Einstein’s Bagels in the lease transaction.
