Cushman & Wakefield of Arizona, Inc. negotiated a creative, long-term lease for an international martial arts client, finding it a new home in an industrial building. The lease is part of an overall trend for destination retail users to select more cost-effective industrial space.
Gracie Barra, a global Brazilian Jiu Jitsu school, signed a long-term lease for 4,486 square feet at 16033 N. 77th St., Suite B and took occupancy this month. It is the first location in the Valley for Gracie Barra, which has schools in Tucson and Flagstaff. Gracie Barra offers advanced programs, black belt programs, fundamental programs, future champions programs, women’s programs and private training.
“It’s interesting to see retail tenants transitioning into industrial complexes,” said Keri Scott, Associate with Cushman & Wakefield’s Industrial Properties group. “It’s a more cost-effective way for retail tenants to still be successful in an aggressive market like Scottsdale. This market in particular, has a lack of retail product. Destination retail users are not as reliant on pedestrian traffic and street-front visibility, so these industrial options offer a great opportunity.”
Retail sales and retail leasing in Scottsdale have been very active since the beginning of the year. Four of the top five retail sales and two of the top four leases in 2015 have taken place in the Scottsdale submarket.
Scott and Dan Casey of Cushman & Wakefield represented Gracie Barra in the transaction. The landlord, MJD Investments, LLC of Gilbert was represented by Kevin Roos of Roos Realty Partners LLC.