Tag Archives: De Rito Partners

March deal photo - Dutch Bros

De Rito Partners recent July transactions

Rancho Grande Center adds yerberia
A yerberia shop finalized a deal to add a new location in South Phoenix, at the northeast corner of Central Avenue and Broadway Road. Stan Sanchez represented the landlord in completing the lease of the 750-square-foot space.

DC Ranch Crossing welcomes Urban Winery
Urban Winery signed a lease to join DC Ranch Crossing at the southeast corner of Pima Road and Union Hills Drive in Scottsdale. John M. Palmieri and Paul Serafin represented the landlord in completing the deal for 2,463 square feet.

Dutch Bros. Coffee increases Valley presence
Dutch Bros. Coffee completed a ground lease of 14,060 square feet at the southeast corner of Scottsdale Road and Grayhawk Drive in Scottsdale. Brian Bridgman and Marty Olejarczyk represented Dutch Bros. in completing the transaction.

Metro PCS retailer opens in South Phoenix
A Metro PCS retailer finalized a transaction to open another Valley location at the northeast corner of 19th Avenue and Southern Avenue in Phoenix. Jeff Schonberger represented the landlord in completing the lease of the 1,176-square-foot space.

Amazing Lash joins Tempe Marketplace
Amazing Lash Studio signed a lease to take a 2,465-square-foot space at Tempe Marketplace at Loop 202 and McClintock Drive. Morey Fischel represented the tenant in completing the transaction.

Ticket software and solutions company adds office in Scottsdale
Ticket Evolution, a national software company servicing ticket resellers, completed a deal to open an office near Gray Road and Hayden Road in Scottsdale. Jeff Schonberger represented the tenant in completing the lease of the 920-square-foot office space.

Subway completes deal at Santan Gateway South
Subway completed a deal for 1,542 square feet at Santan Gateway South located at the southeast corner of Loop 202 Freeway and Arizona Avenue. Mike Kumelski and Paul Serafin represented the landlord in completing the deal.

Golden Hawaiian BBQ adds second location
Golden Hawaiian BBQ signed a deal to open a second Valley location near the northeast corner of Dobson Road and Chandler Boulevard. Gordon Heckaman and Carl Jones, Jr. represented the landlord in completing the lease of 1,807 square feet.

One Stop Shop plans fourth Valley location
One Stop Shop, a retailer specializing in tailoring, jewelry and shoe repair, and dry cleaning, finalized a lease to open their fourth Valley shop, this one is located at the southeast corner of Tatum Boulevard and Greenway Road in Phoenix. Lizette Borbon-Iskhakova represented the tenant in leasing the 750-square-foot space.

Supercuts joins Pebble Creek Marketplace
Supercuts signed a lease for a 1,080-square-foot space at the southwest corner of Pebble Creek Parkway and McDowell Road in Goodyear. Paul Serafin and Chris Corso represented the landlord in completing the transaction.

Western State Bank purchases property in Sun City West
Western State Bank finalized the purchase of a former bank facility located along R H Johnson Boulevard just south of Meeker Boulevard in Sun City West. Larry Zebe represented the buyer in completing the sale of the facility.

Mr. Spa Man adds fifth Valley location
Mr. Spa Man Spas leased a 1,750-square-foot space at The Pavilions at Talking Stick, marking the fifth Valley location for the retailer. Gordon Heckaman and Carl Jones, Jr. represented the landlord in completing the transaction.

Rodney D. Young continues expansion
Rodney D. Young signed a lease to open its 24th Arizona location at the northeast corner of 7th Street and McDowell Road in Phoenix. Carl Jones, Jr. and Lizette Borbon-Iskhakova represented the tenant in completing the lease of the 3,002-square-foot space.

AZDES relocates branch to new site
The Arizona Department of Economic Security relocated one of its offices to a 14,554-square-foot space at the northwest corner of 43rd Avenue and Indian School Road in Phoenix. Stan Sanchez and Paul Serafin represented the landlord in completing the lease.

JBJV, LLC purchases Mesa office building
JBJV, LLC purchased a 6,800-square-foot office building at the southwest corner of Southern Avenue and Pasadena in Mesa. Bruce Milton and Justin Rihs represented the seller in completing the deal.

Popeyes joins Ocotillo Plaza in Chandler
Popeyes Louisiana Kitchen completed the purchase of a pad at the northwest corner of Alma School Road and Queen Creek Road in Chandler. Larry Zebe and Matt Morrell represented the owner in completing the sale.

Former El Santo Bar & Grill building sold
TheoryR Properties purchased the former El Santo Bar & Grill located at 73rd Street and Butherus Drive in Scottsdale. Stan Sanchez and John M. Palmieri represented the owner in completing the sale of the 9,285-square-foot building.

rsz_scottsdale_quarter-2

De Rito Partners complete $3M deal in Scottsdale Quarter

De Rito Partners announced that on July 2, 2015, TheoryR Properties paid $3,025,000 to purchase a 9,285-square-foot retail building, located on 84,158 square feet of land at the southeast corner of 73rd Street and Butherus Drive in Scottsdale, Arizona. Stan Sanchez and John Palmieri of De Rito Partners represented the seller of the former El Santo Bar and Grill building. Michael Milic of Colliers International represented the buyer.

ThoeryR Properties is the largest property owner in the Scottsdale Airpark who leased the building upon closing to a premier restaurant & entertainment operator that will open in October.  The sites taxiway access provides increased redevelopment opportunities in the future.

123rf.com: feverpitched

De Rito Partners announce recent commercial transactions

Jamba Juice joins Shops at Norterra
Jamba Juice finalized a deal to add a new location in North Phoenix, at the northwest corner of Happy Valley Road and Norterra Parkway. John Palmieri represented the tenant in completing the lease of the 1,057-square-foot space.

Sonoran Cycles joins new mixed-use development in Surprise
Sonoran Cycles signed a lease to join the shops at WM Grace’s new mixed-use development at the southeast corner of Loop 303 and Bell Road in Surprise. Chris Corso and Paul Serafin represented the landlord in completing the deal for 1,460 square feet.

Guitar Tommy opens new location in Chandler
Guitar Tommy completed the lease of a 1,659-square-foot space just north of the northeast corner of McQueen Road and Ray Road in Chandler. Carl Jones, Jr. and Gordon Heckaman represented the landlord in completing the transaction.

Ace Hardware adds another Valley location
Ace Hardware finalized a transaction to open another Valley location, this one at the northwest corner of 32nd Street and Shea Boulevard in Phoenix. Marty Olejarczyk represented the tenant in completing the lease of the 11,400-square-foot space.

Rita’s Italian Ice joins The Pavilions at Talking Stick
Rita’s Ice Custard signed a lease to take a 976-square-foot space at The Pavilions at Talking Stick in Scottsdale. Gordon Heckaman and Carl Jones, Jr. represented The Pavilions in completing the transaction.

State Farm agency relocates in Queen Creek
A State Farm office completed a deal to relocate to the northwest corner of Hunt Highway and Copper Mine Road in Queen Creek. Stan Sanchez and Paul Serafin represented the landlord in completing the lease of the 1,500-square-foot space.

Arizona Dentistry opens new office in Phoenix
Arizona Dentistry finalized a lease to open a new office at Squaw Peak Promenade at the northwest corner of 16th Street and Bell Road. Steve Bonnell and Chris Corso represented the landlord in completing the deal for 1,456 square feet.

Spirit Halloween plans temporary store in Peoria
Spirit Halloween signed a deal to open a temporary location at the southwest corner of 77th Avenue and Bell Road, across from Arrowhead Mall in Peoria. Mike Kumelski and Paul Serafin represented the landlord in completing the lease of 25,336 square feet.

Insurance agency adds fourth Valley location
Above All Insurance Agency finalized a lease to open their fourth Valley location, this one at the northwest corner of Meridian Road and Apache Trail in Apache Junction. Gordon Heckaman and Matt Morrell represented the tenant in leasing the 1,050-square-foot space.

Bed Bath & Beyond signs short-term lease in Tucson
Bed Bath & Beyond signed a short-term lease of a 28,250-square-foot former Bally’s space at the northwest corner of Grant Road and Swan Road in Tucson. Mike Kumelski and Paul Serafin represented the landlord in completing the transaction.

Wine bar and bistro joins Gilbert Town Square
Seven50ml finalized a deal to open a wine and bistro shop at Gilbert Town Square, located just south of the southwest corner of Gilbert Road and Warner Road. Carl Jones, Jr. represented the landlord in completing the lease for 4,440 square feet.

Neurology company purchases parcel in Gilbert
Dacvim-Neurology Companies purchased approximately a one-half acre site near the intersection of Gilbert Road and Olive Avenue with plans to build a new veterinarian hospital. John Palmieri represented the buyer in completing the sale.

Tortilla company opens first location in Mesa
Tortillas de Harina Linda signed a lease to open a location at the northeast corner of 6th Street and Country Club Drive in Mesa. Stan Sanchez represented the landlord in completing the lease of the 3,300-square-foot space.

DC Ranch Crossing welcomes Gawley Skin Care
Dr. Bryan Gawley and his MD Skin Lounge completed a deal to open a second location at the southeast corner of Pima Road and Union Hills Drive in Scottsdale. John Palmieri and Paul Serafin represented the landlord in completing a lease for 2,420 square feet.

Century Link added new Phoenix location
Century Link will add a new retail location across from Paradise Valley Mall at the southwest corner of Cactus Road and Tatum Boulevard in Phoenix. Paul Serafin represented the tenant in completing a lease for 1,300 square feet.

Courtesy of De Rito Partners

Frontgate Outlet store opening at Pavilions

The Pavilions announced the opening of a first-to-the-market Frontgate Outlet store. Frontgate is a leading brand in the aspirational home lifestyle for both indoors and outside. Frontgate is part of Cornerstone Brands, Inc. (CBI) which is a division of HSNi, a $3.3 billion interactive multi-channel retailer with strong direct-to-consumer expertise.

The Pavilions store will be one of only four brick-and-mortar outlet locations in the United States; two others are located in Ohio and one in Georgia. The Pavilion store will open June 2015 in a 32,590 square foot space next to Home Depot. Visit Frontgate.com.

Roosevelt Pointe

De Rito Partners reports recent transactions

Barbershop opens first Valley location
Park Avenue Barbershop completed a lease to open its first location at the northeast corner of 91st Avenue and Union Hills Drive in Peoria. Steve Bonnell represented the landlord in completing the deal for 1,045 square feet.

Auto dealer leases former Hummer dealership
Mr. Jim’s Deals on Wheels finalized a deal for a 3,059-square-foot building on Scottsdale Road just south of McDowell Road. Martin Leon and Marty De Rito represented the owner in completing the transaction.

Tax service opens location in Central Phoenix
Tax Wizards signed a lease to add a location near the intersection of 16th Street and McDowell Road in Central Phoenix. Lizette Borbon-Iskhakova represented the landlord in the transaction.

Siempre Tax adds location in West Phoenix
Siempre Tax services opened a new location at the northwest corner of 75th Avenue and Indian School Road in Phoenix. The tenant took 1,400 square feet at Westridge Park Center. Lizette Borbon-Iskhakova and Carl Jones, Jr. represented the landlord in the deal.

Former BMO Bank building sold in Tucson
De Rito Opportunity Fund sold a former BMO Harris Bank building at the northeast corner of Cortaro Road and Silverbell Road in Tucson. Paul Serafin and Carl Jones, Jr. represented De Rito in completing the sale of the 4,722-square-foot building to Hughes Federal Credit Union.

West Camelback Road restaurant leased
Ring Side Pub & Grub completed the lease of a 1,850-square-foot former restaurant space along Camelback Road near 21st Avenue in Phoenix. Stan Sanchez represented the owner in securing the tenant.

Animal hospital takes additional space at Red Mountain Promenade
Las Sendas Animal Hospital added 980 square feet to its existing facility at Red Mountain Promenade located at the southwest corner of McDowell Road and Power Road in Mesa. Steve Bonnell represented the landlord in the transaction.

CenturyLink opens new location in Peoria
Telecommunications provider CenturyLink leased a 1,300-square-foot space for a new retail location near 79th Avenue and Bell Road at Arrowhead Crossing. Paul Serafin represented the tenant in completing the deal.

Starbucks adds two new Valley locations
Starbucks Coffee Company finalized leases to add a new location at the northeast corner of 24th Avenue and Northern Avenue, as well as the northwest corner of 27th Avenue and Loop 101. The tenant will complete demolition on the existing buildings in order to construct the new Starbucks shops. Matt Morrell, Paul Serafin, Mike Kumelski, Gordon Heckaman, and Carl Jones, Jr. represented the owner (De Rito Opportunity Fund) in completing the transactions.

Athletic apparel shop joins North Canyon Village
Sole Trainer, an athletic shoe and apparel shop, completed a deal to open a new shop at North Canyon Village, located at 27th Avenue and Carefree Highway in Phoenix. Steve Bonnell represented the center’s owner in completing the lease for a 1,807-square-foot space.

New hair salon joins Roosevelt Row
Public Image Hair Salon signed a lease to take 2,877 square feet at Roosevelt Pointe, located at 4th Street and Roosevelt Street in Downtown Phoenix. Michael McWilliams represented the owner in completing the deal.

Peoria Shopping Center adds new pizza restaurant
A new pizza restaurant finalized a transaction to join Peoria Shopping Center at the southwest corner of 75th Avenue and Peoria Avenue in Peoria. The tenant will take a 1,925-square-foot space at the center. Michael McWilliams represented the landlord in completing the lease.

Leslie's Poolmart rendering, courtesy of Newmark Grubb Knight Frank

Leslie’s Poolmart to open new storefront on Indian School

Newmark Grubb Knight Frank (NGKF) announced the opening of a new retail store for Leslie’s Poolmart, Inc. (Leslie’s) at 2005 E. Indian School Road. The nation’s leading retailer of swimming pool supplies and related products leased 4,500 square feet of a new 6,500 square foot retail building developed by DM Ventures I, LLC. The new retail storefront is located next to Leslie’s custom converted 91,500-square-foot office complex, which opened late last year. NGKF Executive Managing Director Jerry Jacobs handled the transaction.

“The Leslie’s renovation of the vacant Sam’s Club and the opening of its new retail store is elevating the perception of the Camelback East Village neighborhood, and furthering its transition into a burgeoning development area,” explained Jerry Jacobs. He continued, “This is a prime example of how creative and adaptive reuse can literally transform a community.”

Other developments planned along Indian School Road include a new 220-unit Class A apartment complex situated on 6.5 acres at 20th Street, scheduled to commence in April, and another Class A apartment complex at 28th Street with 152 units. Additionally DeDito Partners has redevelopment plans for a 140-acre retail center located at 32nd Street and DM Ventures I, LLC is actively promoting developable or ground lease land adjacent to Leslie’s.

Talking Stick Pavilions

AutoZone, Popeyes move into Pavilions at Talking Stick

Pavilions at Talking Stick adds AutoZone and Popeyes
The Pavilions at Talking Stick added two new tenants to its expanding roster with the completion of two ground leases. AutoZone will add a new, approximately 6,200-square-foot store, while Popeyes Louisiana Kitchen plans on adding a 3,000-square-foot restaurant. Paul Serafin represented the landlord in completing the AutoZone deal and both Paul Serafin and Larry Zebe represented the landlord in the Popeyes transaction.

Staffing service leases new office in Phoenix
TS Staffing Services completed a lease of a 2,405-square-foot office space at Garden Lakes Plaza in Phoenix. Bruce Milton and Arch Jeffery of De Rito Partners represented the owner of the office complex located just west of the northwest corner of 107th Avenue and Indian School Road.

Ski Pro opens new location
Ski Pro, a snow sport specialty retailer, completed a deal to open a new store in North Scottsdale, just off of the Loop 101 and Raintree Drive. Stan Sanchez of De Rito Partners represented the tenant in completing the lease of an 8,331-square-foot space.

Cruise vacation agency adds Phoenix location
Expedia Cruise Ship Centers finalized a deal to open its first location in Metro Phoenix at the southeast corner of Loop 101 and Frank Lloyd Wright Boulevard in Scottsdale. De Rito Partners’ John M. Palmieri represented the tenant in leasing a 1,185-square-foot space.

Medical office joins Pleasant Promenade
Trident Medical agreed to lease a 3,200-square-foot space at Pleasant Promenade in Peoria, at the northwest corner of Lake Pleasant Road and Beardsley Road. Steve Bonnell and Carl Jones, Jr. represented the landlord in completing the transaction.

Animal hospital opens new facility in Mesa
Las Sendas Animal Hospital signed a lease to open a new facility at Red Mountain Promenade located at the southwest corner of Power Road and McDowell Road in Mesa. Steve Bonnell of De Rito Partners represented the landlord in finalizing the deal for a 2,025-square-foot space.

Existing Ace Hardware extends lease in Phoenix
An established Ace Hardware store at the southwest corner of 19th Avenue and Union Hills Drive extended their lease of a 12,500-square-foot space. De Rito Partners’ Marty Olejarczyk represented the tenant in completing the transaction.

Wells Fargo sells excess land in Goodyear
Wells Fargo Bank sold a 1.29-acre pad at the southeast corner of Pebble Creek Parkway and Virginia Avenue in Goodyear. Steve Bonnell and Bill Bones of De Rito Partners represented Wells Fargo in the land sale.

Verizon renews lease at DC Ranch Crossing
Verizon Wireless renewed its lease of a 1,458-square-foot suite at DC Ranch Crossing, located at the southeast corner of Pima Road and Union Hills Drive in North Scottsdale. John M. Palmieri and Paul Serafin of De Rito Partners represented the landlord in completing the renewal.

Spa opens third Valley location
True Rest Float Spa is set to open its third Valley location at the southwest corner of 70th Street and Shea Boulevard in Scottsdale. Gordon Heckaman and Carl Jones, Jr. of De Rito Partners represented the tenant in completing the deal for 2,280 square feet.

Circle K in Queen Creek expanding
Circle K purchased a 29,922-square-foot pad adjacent to its existing location at Ellsworth Road and Ocotillo Road in Queen Creek. Michael McWilliams of De Rito Partners represented the seller in the transaction.

De Rito Partners, Inc. Arizona's Retail Experts

Craig Esslinger named president of De Rito Partners

Craig Esslinger, De Rito, WEBDe Rito Partners announced that Craig Esslinger has joined the company as President of De Rito Partners, Inc. on Monday. Esslinger replaces Stan Sanchez who will remain with De Rito Partners, Inc. as senior broker.

Among his accomplishments to date, Esslinger has developed more than 4 million square feet of commercial real estate. He led the operations, sales and account management teams of a start-up healthcare company and grew revenue of $25 million in three years.  With Opus West, Esslinger oversaw retail development initiatives in Arizona, Nevada, New Mexico and Utah, for retail development processes including budgeting, entitlements, marketing, leasing, design, construction and sales.  He was the Project Manager for Vestar from 1999-2006, helping to develop the award-winning 1.2 million square foot Desert Ridge Marketplace.

Esslinger earned his Bachelor of Science degree in International Relations from the U.S. Air Force Academy in Colorado Springs, Colo., and is licensed with the Arizona Department of Real Estate. He was also in the U.S. Marine Corps from 1986-1997 and served as a Captain in Operation Desert Storm.

“We welcome Craig to our executive team.  We look forward to his distinguished leadership skills and the commercial real estate experience he will bring to our company.  We thank Stan for his dedicated contribution to De Rito Partners, Inc. and I know that he will have continued success within our company,” said Marty De Rito.

Shops-at-Costco-SperryVanNess, WEB

Sossaman Development plans to build retail project in Mesa

Trenton McCullough and Shari A. Tucker-Gasser, Retail Investment Advisors in the Phoenix Sperry Van Ness office, represented the buyer, Sossaman Development LLC, in the $2,200,000 purchase of 4.95 acres of commercial land zoned LC, formerly known as C-2, in the City of Mesa.

Located just north of Costco on the hard corner of Sossaman Road and Hampton Avenue in Mesa, Ariz.  Sossaman Development LLC has plans to develop and sell or lease pads for a multi-tenant retail building and two freestanding single tenant retail buildings along Sossaman Road.

“This is a great location for a breakfast/coffee user as it is on the West side of Sossaman Road and in the path of morning traffic flow to highway US-60.” said Trenton McCullough. “It is also a great location for a fast food user, banks or general retail users that can benefit from the adjacent Costco’s foot traffic.”

The seller, Buttercup Investments IV, LLC was represented by Paul Serafin and Chris Corso of De Rito Partners.

Red Mountain Promenade

De Rito Partners reports June transactions

Epic Oceans joining Huntington Square
Epic Oceans completed a deal to join Huntington Square in Tempe, Arizona.  The center is at the northeast corner of Southern Avenue and Mill Avenue. Bill Bones of De Rito Partners represented the landlord in completing the lease of a 3,480-square foot space.

Subway joining future Winco center in Goodyear
Subway completed a lease to join WM Grace’s Winco-anchored development in Goodyear, Arizona. The tenant will be taking 1,300 square feet at the new development located at the southwest corner of Pebble Creek Parkway and McDowell Road. Chris Corso and Paul Serafin of De Rito Partners represented the landlord in the transaction.

Starbucks adding new Tempe location
Starbucks Coffee signed a lease to take over a former Wendy’s Restaurant at the southwest corner of Warner Road and McClintock Drive in Tempe, Arizona. Paul Serafin of De Rito Partners represented the tenant in completing the deal for a 2,895-square-foot space.

Sport Clips opening new location in Surprise
Sport Clips completed a deal to open a new location at WM Grace’s Sam’s Club-anchored center in Surprise, Arizona. The center is located at the southeast corner of Loop 303 Freeway and Bell Road. Paul Serafin and Chris Corso represented the landlord in completing the deal for 1,204 square feet.

Crystal’s Bakery to open second Valley location
Crystal’s Bakery signed a lease to open their second location in the Valley, this one at the northwest corner of 75th Avenue and Indian School Road in Phoenix. Lizette Borbon-Iskhakova of De Rito Partners represented the tenant in completing the deal for a 2,200-square-foot space.

Goodwill adding new donation center
Goodwill Industries of Central Arizona will open a new donation center in North Phoenix at the southeast corner of 27th Avenue and Carefree Highway. Robert McKnight of De Rito Partners represented the landlord in completing the deal for 1,232 square feet.

New Ace Hardware to open in Anthem
Ace Hardware completed a deal to lease 15,100 square feet at the northeast corner of Anthem Way and Gavilan Peak Parkway in Anthem, Arizona. De Rito Partners’ agent Marty Olejarczyk represented the tenant in completing the deal.

Tobacco and cigar store opening first location
Torch Tobacco & Cigar will open their first location at the northeast corner of Dynamite Boulevard and Tatum Boulevard in Cave Creek, Arizona. John Trujillo and Trevor Clinch of De Rito Partners represented the landlord in completing the deal for a 1,227-square-foot space.

Hardison Downey opening office in Downtown Phoenix
Hardison Downey Construction completed a lease of a 1,545-square-foot office space in Downtown Phoenix at 11th Street and Washington Street. The space will be used as a temporary office for the company’s downtown area projects. John Trujillo of De Rito Partners represented the landlord in completing the deal.

House of Screams opening first location in North Phoenix
House of Screams completed a deal to open their first location at the northwest corner of I-17 Freeway and Thunderbird Road in Phoenix. De Rito Partners’ agents Martin Leon and Chris Corso represented the landlord in completing the lease for 20,000 square feet.

Full-service salon joining Red Mountain Promenade
Studio 480 completed a lease to open their full-service salon at the southwest corner of McDowell Road and Power Road in Mesa, Arizona. Steve Bonnell and John Trujillo of De Rito Partners represented the landlord in completing the deal for a 1,957-square-foot space.

Yerberia opens fourth Valley location
Bethany West Shopping Center at the southeast corner of 27th Avenue and Bethany Home Road in Phoenix will be adding a yerberia. Michael McWilliams of De Rito Partners represented both the landlord and tenant in completing the deal for an 825-square-foot space.

De Rito Partners, Inc. releases recent transactions

Century Link adding another retail location
Century Link completed a deal to open their third retail location in the Valley, this one at the southeast corner of 44th Street and Thomas Road in Phoenix. Paul Serafin of De Rito Partners represented the tenant in completing the lease of a 1,300-square foot space.

LCP Equity Partners opening headquarters in Scottsdale
LCP Equity Partners signed a lease to open their office headquarters near Scottsdale Road and Indian School Road in Scottsdale, Arizona. The firm signed a lease of a 2,371-square-foot space, with John Palmieri of De Rito Partners representing the landlord.

Nail Salon renews lease at DC Ranch Crossing
Luster Nails renewed their lease of a 1,664-square-foot space at The DC Ranch Crossing shopping center in Scottsdale, Arizona. John Palmieri and Paul Serafin of De Rito Partners represented the landlord in the lease renewal.

Nail Salon opening two locations in West Valley
Angel Nail & Spa completed deals to open two new locations, one in Surprise, Arizona and the other in Goodyear, Arizona. The tenant is opening a 1,910-square-foot salon at the Surprise Village Marketplace located at the southeast corner of Loop 303 and Bell Road. The tenant is also adding a 1,800-square-foot space at the southwest corner of Pebble Creek Parkway and McDowell Road in Goodyear. Chis Corso and Paul Serafin of De Rito Partners represented the landlords in each of the two deals.

Bar & Grill concept opening across from Peoria Sports Complex

Bar & Grill concept opening across from Peoria Sports Complex

Bar & Grill concept opening across from Peoria Sports Complex
The owners of Moonshine Bar & Grill in Tempe, Arizona are opening a second concept restaurant across from the Peoria Sports Complex in Peoria, Arizona. The tenant signed a lease for a 12,150-square-foot freestanding restaurant in the Arrowhead district, at 83rd Avenue and Mariners Way. De Rito Partners’ agent Paul Serafin represented the landlord in completing the deal.

Vapors Lounge to open first Arizona location at Scottsdale Rd. and Papago Dr.

Vapors Lounge to open first Arizona location at Scottsdale Rd. and Papago Dr.

Vapors Lounge to open first Arizona location
Vapors Lounge signed a lease to open their first location in Arizona at Scottsdale Road and Papago Drive in Tempe. The tenant completed a deal for an 808-square-foot space. Gordon Heckaman and John Trujillo of De Rito Partners represented the landlord in the deal.

Herbalife renews lease at Tony’s Plaza
Herbalife renewed their lease of a 500-square-foot space at Tony’s Plaza located at the northwest corner of 7th Street and Dunlap Avenue in Phoenix. John Trujillo of De Rito Partners represented the landlord in the deal.

Salon opening first Phoenix location
Salons by JC completed a deal to open their first location in the Phoenix metropolitan area. John Palmieri and Paul Serafin represented the tenant in leasing a 6,183-square-foot space just east of the northeast corner of Cactus Road and Tatum Boulevard.

Valero to build new gas station in Gilbert
Valero Gas completed a deal to build a new gas station/convenience store with an express car wash at the southwest corner of Pecos Road and Higley Road in Gilbert, Arizona. Paul Serafin of De Rito Partners represented the buyer in the land sale transaction.

Wells Fargo adding North Scottsdale branch
Wells Fargo Bank completed a lease to add a North Scottsdale branch at the southeast corner of Pima Road and Pinnacle Peak Road. The bank is leasing a 2,000-square-foot space at the Desert Village Shopping Center. Bill Bones and Steve Bonnell of De Rito Partners represented the tenant in the deal.

Fast casual concept opening in Peoria
Into the Woods, LLC completed a deal to open a fast casual concept in Peoria, Arizona. Mike Kumelski of De Rito Partners represented the tenant in completing a lease for 2,236 square feet at the southwest corner of 75th Avenue and Greenway Road.

Stingray to open second Chandler location
Stingray completed a deal to open their second Chandler location, this one at Chandler Pavilions located at 54th Street and Ray Road. Paul Serafin and John Palmieri of De Rito Partners represented the landlord in completing the lease for a 4,969-square-foot space.

Macayo’s Plaza: SWC Bell Road and Reems Road.

Macayo’s Plaza: SWC Bell Road and Reems Road.

Dance studio joining Macayo’s Plaza
Spotlight Performing Arts Dance Studio signed a lease to join Macayo’s Plaza at the southwest corner of Bell Road and Reems Road in Surprise, Arizona. De Rito Partners’ agents Brian Bridgman and Trevor Clinch represented the landlord in completing the deal for a 2,387-square-foot space.

San Luis Shopping Center adding drinking water kiosk
Real Drinking Water completed a deal to open their fourth Arizona location, this one at South J Avenue and Piceno Drive in San Luis, Arizona. Carl Jones, Jr. and Lizette Borbon-Iskhakova represented the landlord in the 600-square-foot deal.

Parcel sold along Loop 202 in Gilbert
Sub Rally II, LLC purchased 6.75 acres of land along the Loop 202 Freeway at the southwest corner of Gilbert Road and Pecos Road in Chandler, Arizona. De Rito Partners’ agents Martin Leon and Michael McWilliams represented the seller in the transaction.

Former Wendy’s building sold
Garrett Development Corporation purchased an existing Wendy’s restaurant building at the southwest corner of Warner Road and McClintock Drive in Tempe, Arizona. Martin Leon and Paul Serafin of De Rito Partners represented the tenant in the transaction. The building will be leased and developed into a new Starbucks.

Court reporting service moving in Central Phoenix
Ottmar & Associates court reporting services completed a deal to move their offices to 7th Street and Clarendon Avenue in Phoenix. Marcela Houser of De Rito Partners represented the tenant in leasing the 1,298-square-foot space.

Perfect Teeth Dentistry adding another Valley office
Perfect Teeth Dentistry signed a lease for a 4,000-square-foot location in North Scottsdale at the southeast corner of Loop 101 Freeway and Frank Lloyd Wright Boulevard. Paul Serafin of De Rito Partners represented the tenant in completing the lease.

CFC Financial joining Desert Sky Festival
CFC Financial (Coin for Cards) completed a lease at Desert Sky Festival in Phoenix, located at the southeast corner of 75th Avenue and Thomas Road. De Rito Partners’ agent Paul Serafin represented the landlord in finalizing the lease for 1,200 square feet.

Dutch Bros continuing Valley expansion
Dutch Bros. Coffee will add another Valley location at the southeast corner of 62nd Street and Bell Road in Scottsdale, Arizona. The tenant signed a ground lease for 20,145 square feet. Brian Bridgman and Marty Olejarczyk of De Rito Partners represented Dutch Bros in completing the deal.

Engine service relocating in Tempe
Avsets Engine Services completed a lease to move their industrial space just west of the southwest corner of Priest Drive and Todd Drive in Tempe, Arizona. The tenant signed a lease for a 5,206-square-foot space. Marcela Houser of De Rito Partners represented the tenant in the transaction.

Queen Creek Crossroads adding chiropractor and rehab office
AZ Premier Chiropractic & Rehab completed a deal to open an office at Queen Creek Crossroads in Queen Creek, Arizona. The tenant signed a lease for a 1,535-square-foot space at the center located at Ellsworth Road and Rittenhouse Road. De Rito Partners’ agents Chris Corso and Robert McKnight represented the landlord in the deal.

derito

De Rito Partners redeveloping retail center in Mesa

De Rito Opportunity Investors, LLC, a company formed by De Rito Partners in Phoenix (Marty De Rito, Iver Bowden, Doug Himmelberger, Principals) has purchased the retail plaza and adjacent drive-thru in Mesa, Arizona, located at the southeast corner of Southern Avenue & Stapley Drive for $2,250,000. The 84,890 square-foot center, was owned by Brixmor GA Apollo II Sub, LLC. The sale was negotiated by Glenn Smigiel of CBRE. The adjacent 2,436 square foot drive-thru was owned by Smothers Family Investments II, LTD.

De Rito Partners has spent over $1,000,000 on updating the center with Spanish-inspired facades, parking lot resurfacing and various capital improvements. De Rito Partners agents, Bill Bones and Lizette Borbon-Iskhakova are working on re-leasing the plaza named La Gran Plaza. An anchor box at 52,220 square foot is available in addition to smaller spaces ranging from 1,200 to 6,500 square feet, including two freestanding buildings (one with a drive-thru).

“We are excited to be working on this premier Hispanic-focused retail destination. We have developed 22 retail properties including a major renovation of The Pavilions at Talking Stick. We secure dominant retail tenants for our projects and are happy to be a significant part of the growing Hispanic redevelopment opportunities in Arizona. ” said Marty De Rito, CEO of De Rito Partners.

arizona

Salt River Pima-Maricopa Indian Community goes commercial

Salt River Pima-Maricopa Indian Community may have one of the best-located pieces of commercial real estate in the Phoenix Metro. It owns a 9.5-mile long area, known as the Pima Corridor, parallel to the Loop 101, a beltway connected to nearly all area freeways. Of that commercially zoned stretch, 143 acres remain undeveloped. Many Valley residents primarily associate the Talking Stick entertainment district with the Pima Corridor, the SRPMIC is seeking significant non-entertainment development within and without Talking Stick, including two charter schools and also procuring resources to update its existing data center.

“The SRPMIC is a pretty sophisticated community and as the community grows in population and business ventures, the adoption of technology also grows,” says SmithGroupJJR’s Technology Studio Leader Rob Sty. “[Records are] all stored electronically now. The community has gotten to the point that it needs to expand its data.”

As with any building on the community’s land, the data center must incorporate the culture’s aesthetic integrity. The challenge is that data centers, out of concern for security, tend to also be designed as background buildings.

“Architects and engineers do not always get to put that design element into a data center. It’s interesting for us,” Sty says, adding that designing a project for the SRPMIC was a community effort: “It’s a lot more interesting when all the groups are engaged. Everyone has a voice, and you come out with a better project.”

NOTCHES ON A TALKING STICK
A Talking Stick is a contemporary representation of the traditional O’odham (Pima) calendar stick, on which carvers recorded significant events and milestones throughout the year. It is also the namesake of the Salt River Pima-Maricopa Indian Community’s entertainment district, which comprises about half of the tribes’ commercial land reserves. Talking Stick is a 1.1 MSF entertainment district consisting of a casino, resort, golf course, spring training facility and retail center called The Pavilions. Opened in the ‘80s, the Pavilions represents the second carving on Talking Stick’s calendar — the first being the union of the two tribes who comprise the community. The bottom of the stick shows vacant space with room to grow — and one of the many projects underway this year and next may just be the next addition.

The 1.1MSF Talking Stick’s build-up is due to a pro-development attitude of the community leaders as well as developers keen on getting their foot in the door of a burgeoning entertainment district. Since much of the traffic speeds by Talking Stick at 65 mph, designing for the corridor requires those such as PHX Architecture’s Erik Peterson to not only create something fun to visit but also something eye-catching from afar.

Peterson’s design for The Cove Family Fun Center, a metallic mesh-wrapped building with blue accent lighting around it is certainly made to pique the attention of freeway passengers. The building has to capture your attention, he says of his recent work on The Cove Family Fun Center — a 60KSF entertainment center. The basket-like building is set to break ground on SRPMIC later this year. Nick Andrews, developer of The Cove, was drawn to the Salt-River Pima Indian Community for his first project on tribal land due to the community’s proactive reputation.

“They’re really pro-growth when it comes to developers like us who have an entertainment-related venue,” Andrews says.

Just in the last 12 months, Talking Stick has seen development of a Courtyard Marriott, OdySea projects, Top Golf and other attractions. Blessing McAnlis-Vasquez, marketing project manager of Talking Stick, says it’s a combination of tribal leadership and private developers’ vision for tourism and entertainment amenities that has led to its recent success.

“Our leadership always looks ahead seven generations,” McAnlis-Vasquez says, though the present is just as exciting.

Though the SRPMIC has a population of 6,000, Salt River Fields, built in 2009, has more than 12 annual events, some of which bring up to 15,000 guests. The proposed OdySea Aquarium, set to break ground later this year, is designed to accommodate 15,000 visitors a day and will be the largest aquarium in the Southwest. Leasing at the Pavilions is at 87 percent, up from 50 percent at the downturn of the recession.

The shopping center has also seen more than $17M in renovations. Though The Cove Family Fun Center hasn’t signed a lease yet, the 60KSF entertainment venue is working proactively with the tribe to open for business by summer 2015.

THE RISE, FALL & REBIRTH OF THE PAVILIONS
When the Pavilions at Talking Stick was built, it was the freshest take on retail super centers. As time passed, ownership and management changed hands and the center fell into disrepair. Marty De Rito and business partner Chuck Carlise scooped up the property for $85M in January 2008 with 85 percent of the property leased. In 10 months, the recession dropped vacancy to 50 percent. Six years later, De Rito is just now breaking even on its purchase.

“This property could have taken our company down,” Carlise says. “Fortunately, now we’re about 87 percent leased. The tribe has been phenomenal in assisting us with the renaissance of this property.”

Just like the road through the center of the Pavilions to SRF, it goes both ways.

It was De Rito who got wind of the Diamondbacks’ desire to move north for spring training in 2009, and Carlise attributes his partner to bringing what would be a catalyst for the entire district to Salt River Fields.

“It’s an interesting thing when you have non-retail activity going on at the center. Salt River Fields helped this property to survive,” Carlise says.

Though SRF was a catalyst for businesses built up around the area and meant a surge of restaurant interest in Pavilions space, there was still one more hurdle De Rito Partners looked to clear — alcohol.

Until 2010, the only establishments that could serve liquor on tribal land were the hotel, casino and golf course — all owned by SRPMIC. De Rito Partners couldn’t bring restaurant tenants to the Pavilions if they needed a liquor license. Now, there’s a Red Robin under construction as well as business with Buffalo Wild Wings.

“There was no barrier for entry after that,” Carlise says.

The other saving graces for the Pavilions — lending (De Rito’s lender was General Electric, a bit more flexible than a regulated bank would have been) and moving an office to the Pavilions.

“We’ve probably saved half a million dollars just being onsite,” Carlise says, adding that the added attention to the property is what has contributed to the Pavilions’ return to its potential.

PROJECTS IN THE PIPELINE

OdySea Aquarium
odyseaDevelopment and Management Team: Amram Knishinsky, Martin Pollack and Rubin Stahl
General Contractor: McCarthy Building Companies
Architect: Deutsch Architecture Group
Location: Via De Ventura and the 101 in Scottsdale at
the Salt River Pima-Maricopa Indian Community
Size: 200KSF
Brokerage Firm: N/A
Value: $175M
Estimated completion date: 4Q 2015
The OdySea Aquarium will be the largest aquarium in the Southwest and in the unlikely setting of the Sonoran desert. The two-level facility will span more than 200KSF, and visitors will move to each level via acrylic tunnels while viewing animals of rivers and oceans in the world.

noah_websterNoah Webster School – Pima Campus
Developer: Noah Webster Schools & Salt River Devco
General Contractor: Adolfson & Peterson Construction
Architect: Adolfson & Peterson Construction
Location: Pima & Jackrabbit roads, Scottsdale
Size: 51,502 SF
Value: $5.4M
Completed date: July 2014
The two-story framed K-6 charter school facility will feature 32 classrooms, including music and art rooms, a multi-purpose gym with cafeteria and stage, office space, conference rooms, play fields and bus parking. The project has been in planning and design for a number of years and the groundbreaking represents a significant milestone for Noah Webster Basic School and the Salt River Pima-Maricopa Indian Community’s STEM education.

Great Hearts Academy – Cicero Campus
great_heartsDeveloper: De Rito Partners Development
General Contractor: Chasse Building Team
Architect: Gensler
Location: NWC Loop 101 & Indian Bend Road, Salt River Pima-Maricopa Indian Community
Size: 85KSF
Brokerage Firm: Keyser/Mulhern Development Team
Value: $10M
Estimated completion date: July 2014
This nonprofit, tuition-free K-12 charter school will cater to 1,200 children in an area that was once occupied by a Chuck E. Cheese at the Pavilions Shopping Center. Phase I will accommodate students in grade K-7 and Phase II to 12th grade.

The Cove Family Fun Center
coveProject Name: The Cove Family Fun Center
Developer: Nick Andrews & David Prom
General Contractor: AR Mays Construction
Architect: PHX Architecture
Location: NEC of the Loop 101 Via de Ventura Interchange on the Salt River-Pima Maricopa Indian Community
Size: 67KSF
Value: $13M
Estimated completion date: Summer 2015
The Cove Family Fun Center is slated to include 19 themed birthday/event rooms, laser tag, bowling, arcade games, laser tag and go-karts.

De Rito Partners, Inc. Arizona's Retail Experts

De Rito Partners Announces New Land Development Entity

Commercial retail brokerage firm De Rito Partners announced the addition of its newest entity, De Rito Land Development, LLC,a commercial land development company specializing in new grocery-anchored and other commercial neighborhood shopping centers. De Rito Land Development will focus on land acquisition and commercial development to include negotiating joint venture agreements, developing retail shopping centers including leasing, construction and entitlements, as well as the acquisition of sites and dispositions of the completed projects.

In their careers, the officers of the firm, Jerry Friedman and Martin W. De Rito, have developed over 61 retail/auto park developments totaling 25 MSF primarily in Arizona.

“I am pleased to be collaborating with Jerry. He is an experienced real estate developer and executive officer of real estate companies with management roles including property management, leasing, development, acquisitions and dispositions and someone I highly regard,” said Marty De Rito, CEO of De Rito Partners.

The De Rito Partners Opportunity Fund purchased a former Denny’s Restaurant at the SWC of Baseline and Alma School roads in Mesa.

De Rito Partners Releases Recent Commercial Transactions

De Rito Partners released a list of its recent commercial transactions.

Diamondback Billiards adding Gilbert location

Diamondback Billiards signed a leased to open a second location at the San Tan Village Furniture Center located at Loop 202 Freeway and San Tan Village Parkway. De Rito Partners’ agents Carl Jones, Jr. and Arch Jeffery represented the tenant, and Robert McKnight represented the landlord in completing the deal for a 2,900-square-foot space.

Insurance agency continuing Valley expansion

Rodney D. Young Insurance Agency completed a deal to add a new location at the Delpache Retail Center, at the northeast corner of Apache Trail and Delaware Drive in Apache Junction, Arizona. Trevor Clinch and Robert McKnight of De Rito Partners represented the landlord in the lease of a 1,190-square-foot space.

De Rito Partners’ agents Gordon Heckaman and Carl Jones, Jr. also completed a deal with Rodney. D. Young Insurance to open a location at Baldridge Commons in Goodyear, Arizona. The agents represented the landlord in the lease for 1,296 square feet at the northwest corner of Dysart Road and Van Buren Street.

Rodney D. Young Insurance also signed a deal to open a location at the Village at Superstition Springs in Mesa, Arizona. Gordon Heckaman and John Trujillo of De Rito Partners represented the landlord in bringing the insurance agency to the center located just west of the northwest corner of Power Road and Baseline Road.

Just Send It adding Chandler location

Just Send It is adding a location at the Safeway at the Provinces center located just north of the northeast corner of Ray Road and McQueen Road in Chandler, Arizona. Carl Jones, Jr. and Gordon Heckaman of De Rito Partners represented the landlord in signing the deal for a 1,700-square-foot space.

Arizona Chihuahua Rescue opening at Buckhorn Plaza

De Rito Partners’ agents John Trujillo and Trevor Clinch represented the landlord in completing a lease for a 2,358-square-foot space to Arizona Chihuahua Rescue. The non-profit will be opening at Burckhorn Plaza located at the northeast corner of Recker Road and Main Street in Mesa, Arizona.

Mexican restaurant joining Buckhorn Plaza

Loreto’s Mexican Food signed a lease to open their second location at the northeast corner of Recker Road and Main Street in Mesa, Arizona. John Trujillo and Trevor Clinch of De Rito Partners represented the landlord in completing the deal for the 1,374-square-foot space.

Phoenix Children’s Academy keeping Peoria location

Phoenix Children’s Academy agreed to extend their lease of a 10,094-square-foot space at the southwest corner of 75th Avenue and Thunderbird Road in Peoria, Arizona. Marty Olejarczyk of De Rito Partners represented the tenant in the renewal.

Maricopa Community College District buys land for future expansion

The Maricopa Community College District agreed to purchase 3.4 acres of land located at the northwest corner of Pecos Road and Gilbert Road in Chandler, Arizona. De Rito Partners’ agents Roger Brevoort and Larry Zebe represented the seller in the deal.

Nail salon and spa opening Mesa location

De Rito Partners agent Justin Rihs represented the landlord in completing a deal with Award Nail & Spa for a 2,136-square-foot space. The nail salon and spa will be opening next to Walmart Supercenter at the northeast corner of Baseline Road and Country Club Drive in Mesa, Arizona.

De Rito purchases two former restaurants

De Rito Partners Opportunity Fund purchased a 2,928-square-foot freestanding, fully-fixturized, drive-thru restaurant just west of the southwest corner of Main Street and Alma School Road in Mesa, Arizona. The vacant building is a former Del Taco. Paul Serafin represented De Rito Partners in the purchase.

The De Rito Partners Opportunity Fund also purchased a former Denny’s Restaurant at the southwest corner of Baseline Road and Alma School Road in Mesa, Arizona. Again, Paul Serafin represented De Rito Partners in purchasing the 4,519-square-foot, freestanding restaurant.

Perfect Teeth renewing lease in Mesa

Perfect Teeth dentistry renewed their lease for a 1,980-square-foot space at Albertson’s Red Mountain Shopping Center. De Rito Partners’ agent Paul Serafin represented the tenant in completing the deal at the southeast corner of Power Road and McDowell Road in Mesa, Arizona.

Humane Society moving to Verde Valley Plaza

The Verde Valley Humane Society signed a lease for a 2,500-square-foot space in the Verde Valley Plaza in Cottonwood, Arizona. Dale Harsh of De Rito Partners represented the landlord in bringing the humane society to the center located on the southwest corner of Highway 89A and Highway 260.

Dental tenant joining Glendale Towne Center

De Rito Partners’ agents Matt Morrell and Paul Serafin represented the landlord in completing a deal to bring Alta Sky Dental to the Glendale Towne Center. The center is located at the southwest corner of 43rd Avenue and Peoria Avenue in Glendale, Arizona. The tenant is leasing a 2,932-square-foot space.

Metro PCS adding another Valley location

Metro PCS signed a deal to open another location, this time at the northwest corner of 35th Avenue and Glendale Avenue in Phoenix. Chris Corso and Lizette Borbon-Iskhakova of De Rito Partners represented the landlord in completing the deal for a 1,158-square-foot space.

Sir Veza’s opening Chandler location

Sir Veza’s Taco Garage completed a deal to open their first full-size restaurant in Chandler Fashion Center located at the southwest corner of Chandler Boulevard and Loop 101. Paul Serafin of De Rito Partners represented the tenant in signing the lease for a 4,948-square-foot space.

Self Defense studio joining The Pavilions at Talking Stick

De Rito Partners’ agents Carl Jones, Jr. and Gordon Heckaman represented the landlord in signing a deal to bring Z Ultimate Self Defense Studio to the The Pavilions at Talking Stick. The self defense studio is leasing a 1,550-square-foot space at the shopping center located at Loop 101 and Indian Bend Road in Scottsdale, Arizona.

Matt Morrell, De Rito Partners, WEB

ICSC Member Profile: Matt Morrell, De Rito Partners

Matt Morrell

VP of Leasing
De Rito Partners, Inc.

Years with company: 10
Years as ICSC member:  6

What is the biggest issue facing shopping center real estate?
The big question mark is still the economy and public policy. Small businesses are the heartbeat of the shopping center world – the mom and pops. When they feel uncertainty, it impacts our leasing world.

How have consumer attitudes affected the retail market?
While there are still question marks, there is a positive trend in consumer confidence in regards to leasing and shopping center leasing. We are seeing established businesses that have made good solid decisions in the past five years now able to take advantage of an improving marketplace.

What was your most significant deal in 2013?
Our complete turnaround on the 120,000 SF San Tan Village Furniture Center. It was a foreclosed property and 50 percent vacant when acquired in June 2012. It is now 100 percent leased and a big win in my leasing efforts.

Macayo's Plaza

De Rito Partners Releases Recent Commercial Transactions

De Rito Partners reported the following commercial transactions:

De Rito Purchases Macayo’s Plaza

DeRito-P Retail 1, LLC recently purchased the Macayo’s Plaza shopping center located at the southwest corner of Bell Road and Reems Road in dynamic and expanding Surprise, Arizona. Brian Bridgman and Trevor Clinch represented De Rito Partners in the purchase. This adds to the growing number of retail assets De Rito Partners has acquired and revitalized throughout the Valley.

Rent-A-Center adds location in the Southwest Valley

Rent-A-Center signed a lease to add a new location west of the northwest corner of 75th Avenue and Lower Buckeye Road in Phoenix. De Rito Partners’ brokers Bill Bones represented the tenant, and Bruce Milton and Justin Rihs represented the landlord in completing the deal for a 5,100-square-foot space.

Salon opening first location in the Southwest Valley

Chely’s Beauty Salon completed a deal to open its first location at the northeast corner of 35th Avenue and Southern Avenue in Phoenix. Chris Corso of De Rito Partners represented the tenant in signing a lease for a 1,206-square-foot space.

Masaki’s Restaurant renews lease at Verde Valley Center

De Rito Partners’ broker Dale Harsh represented the landlord in completing a lease for a 1,200-square-foot space to Masaki’s Restaurant at the Verde Valley Center located along Highway 89A in Cottonwood, Arizona.

San Tan Village Furniture Center adding a Crossfit Gym

Crossfit 375 signed a lease to open its first location at the San Tan Village Furniture Center located just west of the northwest corner of Loop 202 and San Tan Village Parkway. De Rito Partners’ broker Robert McKnight represented the landlord in signing the lease for 3,000 square feet.

Rent-A-Center adding location in Peoria

De Rito Partners’ broker Bill Bones represented Rent-A-Center in completing a deal for a 4,197-square-foot space at the southwest corner of 67th Avenue and Peoria Avenue in Peoria, Arizona.

Title Max opening new location in Tempe

Title Max signed a lease to add a new location at the northwest corner of Scottsdale Road and Fillmore Street in Tempe, Arizona. Bill Bones represented the tenant in completing the deal for a 2,400-square-foot space.

A-Professional Locks adding new showroom

A-Professional Locks completed a deal to open a new showroom/warehouse just west of the northwest corner of Gilbert Road and Germann Road in Gilbert, Arizona. Justin Rihs represented the tenant in signing the lease for 6,567 square feet.

Shear Gossip Salon opening in Mesa

Shear Gossip Salon will be opening a location next to Walmart on the northeast corner of Baseline Road and Country Club Drive in Mesa, Arizona. Justin Rihs represented the landlord in completing the deal for the 1,000-square-foot space.

Rodney D. Young Insurance expanding across Arizona

Rodney D. Young Insurance signed a lease for a 1,500-square-foot space in San Luis, Arizona near the U.S./Mexico border. Carl Jones, Jr. and Lizette Fonseca of De Rito Partners represented the landlord in signing deal at the northeast corner of South J Avenue and Piceno Drive.

Metro PCS continues expansion throughout the Valley

De Rito Partners’ broker Carl Jones, Jr. represented the landlord in signing a deal to bring Metro PCS to the North Central Plaza located just south of the southeast corner of Central Avenue and Van Buren Street in Avondale, Arizona. The lease was for a 1,200-square-foot space.

A new Ace Hardware to open in Orange County, CA trade area

De Rito Partners’ broker Marty Olejarczyk helped to represent Ace Hardware in completing a deal for an 8,000-square-foot space in the difficult to penetrate trade area of Garden Grove, California. The new Ace Hardware will be located at 11919 Valley View Street in Garden Grove.

Rodney D. Young Insurance adding Midtown Phoenix office

Rodney D. Young Insurance completed a lease to open its newest location at the southwest corner of 7th Street and Indian School Road in Phoenix. Justin Rihs of De Rito Partners represented the landlord in completing the deal for a 1,080-square-foot space.

P.A.W. Services opening location in Tucson

P.A.W. Services signed a leased to open at the southwest corner of Nexus Road and Valencia Road in Tucson, Arizona. Dean Ingram of De Rito Partners represented the tenant in signing a lease for 3,150 square feet.

Metro PCS joining The Village Shopping Center

Metro PCS continues to expand throughout the Valley signing a lease for a 1,105-square-foot space just west of the southwest corner of 19th Avenue and Dunlap Avenue in Phoenix. Chris Corso and John Palmieri of De Rito Partners represented the landlord in the deal.

Mountain Range Restaurants leases former El Paso BBQ

De Rito Partners’ brokers Matt Morrell and Paul Serafin represented the landlord in completing a deal for Mountain Range Restaurants to lease the former El Paso BBQ at the southwest corner of 43rd Avenue and Peoria Avenue in Phoenix. The lease was for a 4,700-square-foot space.

6.7 acres sold in Chandler off Loop 202

De Rito Partners’ broker Michael McWilliams represented the seller in completing a deal for 6.7 acres west of the northwest corner of Loop 202 and Gilbert Road in Chandler, Arizona. Chilton Properties was the buyer of the land.

Sushi restaurant to open at McDowell Marketplace

Sushinola Roll signed a lease to open a restaurant at McDowell Marketplace at the southwest corner of 59th Avenue and McDowell Road in Phoenix. Marcela Houser of De Rito Partners represented the tenant in completing the deal for a 1,320-square-foot space.

Courtyard Interiors joining dynamic Pavilion’s at Talking Stick

De Rito Partners’ brokers Gordon Heckaman and Carl Jones, Jr. represented the landlord in completing a deal to bring Courtyard Interiors by J&L Flooring, Inc. to The Pavilions at Talking Stick. The deal was for 2,163 square feet at the center located just off of Loop 101 and Indian Bend Road in Scottsdale, Arizona.

Great Heart, De Rito

80KSF School Coming to Pavilions Shopping Center

The Pavilions Shopping Center announced Tuesday that a new Great Hearts academy campus will be built at the property.

“We are so pleased to be the chosen site for this highly respected and sought after education facility. The synergy between the families of the 1,200 school children and our ever-increasing selection of stores, restaurants and entertainment venues is a perfect union,” said Chuck Carlise, President of De Rito Partners Development, Inc.”

Great Hearts Academies is a non-profit organization which operates some of the top public schools in the country. Its 16 tuition-free charter schools are based on a core, classical liberal arts curriculum and prepare graduates for success in the best colleges and universities in the nation. The Great Hearts vision for students is to be leaders in creating a more philosophical, humane and just society.

The 80KSF school will be built in an area of the center that once was occupied by a Fiddlesticks and Chuck E Cheese. Phase I will accommodate students in grades K-7 and Phase II to 12th grade. The location gives the school visibility to traffic on Indian Bend and Pima Roads and allows for easy access to parents dropping off their children. The school will open in August 2014 for the fall semester and is taking applications through open enrollment now.

When De Rito Partners Development bought the center for $88 million in 2008, Mervyn’s, Circuit City and Best Buy were all on their way out. “We have 1.2 million square feet of retail space, which is a healthy amount by today’s standards, said Chuck Carlise. There continues to be vacant space to fill in the Phoenix area, retailers are getting smaller and this unique usage for a shopping center comes to The Pavilions at the perfect time. ”

Since purchasing the property, De Rito Partners Development has spent $21 million in renovations and tenant improvements to revitalize the shopping center, including a new food court area, landscaping, pedestrian improvements, additional parking and infrastructure.

De Rito Partners, Inc. Arizona's Retail Experts

De Rito Partners Releases November Transaction List

De Rito Partners released the following list of its November transactions:

The Pavilions at Talking Stick adding Great Hearts Academy

Great Hearts Academy signed a ground lease to open an 80,000-square-foot K-12 school on approximately 9.5 acres at The Pavilions at Talking Stick located at Loop 101 and Indian Bend Road in Scottsdale, Arizona. Paul Serafin and Larry Zebe of De Rito Partners represented the landlord in the deal that brings the school to an ever-growing lineup at The Pavilions shopping center.

 

T-Mobile authorized seller expanding in Mesa

Talk Mobile to open a new location at Fry’s Marketplace anchored center in Mesa, Arizona. De Rito Partners’ brokers Michael McWilliams and Bill Bones represented the landlord in the lease of a 1,497-square-foot space at the southeast corner of McKellips Road and Stapley Road.

 

JDA Fitness adding location at Windgate Crossing

JDA Fitness is adding a location in Scottsdale, Arizona at the northwest corner of Bell Road and Thompson Peak Parkway. Mike Kumelski and Bill Bones of De Rito Partners represented the landlord in signing the lease for a 3,216-square-foot space.

 

Women’s clothing store coming to Cave Creek Plaza

A new women’s clothing store signed a lease for a 1,440-square-foot space at Cave Creek Plaza located at the southwest corner of Cave Creek Road and Bell Road in Phoenix. Chris Corso of De Rito Partners represented the landlord in completing the deal.

 

Filiberto’s adding Prescott location

Filiberto’s Mexican Restaurant is opening a new location in Prescott, Arizona, at 715 E. Gurley Street. Bill Bones of De Rito Partners represented the landlord in the leasing of a 1,971-square-foot drive-thru restaurant.

 

Nail Salon joining The Annex at Chandler Commons

De Rito Partners’ brokers Steve Bonnell and John Palmieri represented the landlord in signing a lease to open a nail salon at The Annex at Chandler Commons in Chandler, Arizona. The deal is for a 1,170-square-foot space at the center located at the southwest corner of Ray Road and Cooper Road.

 

Former Taco Bell in Goodyear sold

De Rito Partners’ broker Michael McWilliams represented the buyer in purchasing a former Taco Bell at Canyon Trails Towne Center in Goodyear, Arizona. Gen2 Properties purchased the building located at the northwest corner of Cotton Lane and Yuma Road.

 

Metro PCS adding location at Desert Sky Festival

Metro PCS signed a lease to add one of their first valley locations at the southeast corner of 75th Avenue and Thomas Road in Phoenix. Paul Serafin of De Rito Partners represented the landlord in signing the lease for a 1,379-square-foot space.

 

Supercuts joining Glendale Towne Center

Supercuts signed a lease to add a location at Glendale Towne Center, located at the southwest corner of 43rd Avenue and Peoria Avenue in Glendale, Arizona. Matt Morrell and Paul Serafin of De Rito Partners represented the landlord in leasing the 1,100-square-foot space.

 

 

Twice As Nice opening Mesa location

De Rito Partners’ broker Mike Kumelski represented the landlord in signing a lease for a 7,402-square-foot space to Twice As Nice used clothing store. The deal was for a freestanding building located north of the northwest corner of Dobson Road and Main Street in Mesa, Arizona.

 

Salon opening Central Phoenix location

Coiffeur’s Salon will be opening a location west of the northwest corner of Central Avenue and Roosevelt Street in Central Phoenix. De Rito Partners’ broker Bill Bones represented the landlord in completing the lease for 1,780 square feet.

 

Vision Optique renews lease, and Scottsdale Animal Healthcare joining DC Ranch Crossing

Dr. Uelner’s Vision Optique signed a lease renewal to remain at DC Ranch Crossing and Scottsdale Animal Healthcare signed a deal to join the North Scottsdale center. John Palmieri and Paul Serafin of De Rito Partners represented the landlord in signing the renewal for 1,572-square feet, and the new lease for 2,212 square feet.

 

Physical therapist opening location at The Offices at Shadow Ridge

Ignite Physical Therapy purchased a 2,000-square-foot office condo at The Offices at Shadow Ridge at Riggs Road and Lindsay Road in Chandler, Arizona. Steve Bonnell of De Rito Partners represented the buyer in the purchase.

 

Metro PCS opening location at 75th Avenue Plaza

De Rito Partners’ brokers Brian Bridgman and Justin Rihs represented the landlord in signing a lease to Metro PCS. The deal is for a 2,345-square-foot space located just north of the northwest corner of 75th Avenue and Indian School Road, in Phoenix.

 

Chiropractor joining the Village at Superstition Springs

Body Workz Chiropractic is set to open their first location at the Village at Superstition Springs located west of the northwest corner of Power Road and Baseline Road in Mesa, Arizona. Gordon Heckaman of De Rito Partners represented the landlord in signing the lease for a 1,753-square-foot space.

 

Desert Dentistry relocating in Phoenix

Desert Dentistry is relocating from their previous Ahwatukee location to the southwest corner of 48th Street and Chandler Boulevard, in Phoenix. Matt Morrell of De Rito Partners represented the dentistry in purchasing a former Applebee’s building.

Port of Subs at 2737 W. Thunderbird Rd.

De Rito Partners, Inc. Releases Recent Commercial Transactions

Former Discount Tire sold in Peoria

De Rito Partners’ brokers Bruce Milton and Roger Brevoort represented the owner in selling a former Discount Tire to WIT Enterprises, Inc. The deal is for a 6,000-square-foot space just west of the southwest corner of 87th Avenue and Grand Avenue in Peoria, Arizona.

 

Stardust Building Supplies relocating

Stardust Non-Profit Building Supplies is relocating to Glendale, Arizona at the northwest corner of 51st Avenue and Northern Avenue. Martin Leon of De Rito Partners represented Stardust in signing the lease for a 27,700-square-foot space.

 

Pizza Hut secures location in Peoria

Pizza Hut signed a lease to open a new location at 9151 W. Peoria Avenue in Peoria, Arizona. Morey Fischel of De Rito Partners represented the tenant in the deal for a 1,200-square-foot space.

 

Insurance agency opening in south Phoenix

Rodney D. Young Insurance Agency is opening a new location in south Phoenix, just east of the northeast corner of 19th Avenue and Southern Avenue. John Trujillo of De Rito Partners represented the landlord in the leasing of a 1,376-square-foot space.

 

Salon adds first Arizona location

Sola Salons signed a lease to open their first location in Arizona just south of the southwest corner of Cactus Road and Tatum Boulevard in Phoenix. The tenant was represented by Matt Morrell of De Rito Partners and will be moving into a 6,776-square-foot space. Sola Salons is looking to add locations Valleywide. For more information contact Matt Morrell at 602-553-2937.

 

Wellness center opening in Mesa

De Rito Partners’ brokers Brian Bridgman and Justin Rihs represented the landlord in signing a lease to add Evergreen Wellness Center to the Center City Plaza in Mesa, Arizona. The deal is for 600 square feet at the northeast corner of University Drive and Country Club Drive.

 

Bosa Donuts adding another Valley location

Bosa Donuts signed a lease to add another Valley location at the southwest corner of Baseline Road and Mill Avenue in Tempe, Arizona. Steve Bonnell of De Rito Partners represented the tenant in signing the lease for a 2,400 SF space.

 

Wendy’s to open southwest Phoenix location

Wendy’s purchased 32,205 SF of land at the NWC of 35th Avenue and Baseline Road in Laveen, Arizona. Martin Leon and Chris Corso of De Rito Partners represented Wendy’s in the deal to open their first location in southwest Phoenix.

 

CenturyLink adding second “brick and mortar”

CenturyLink signed a lease to open their second “brick and mortar” location in Arizona, located just north of the northeast corner of Power Road and Hampton Avenue in Mesa. Paul Serafin of De Rito Partners represented the tenant in signing the lease for 1,425 SF.

 

Buckhorn Plaza adding beauty salon

Scharline’s Beauty Spot will be opening a location at Buckhorn Plaza, at the northeast corner of Recker Road and Main Street in Mesa, Arizona. De Rito Partners’ brokers John Trujillo and Trevor Clinch represented the landlord in completing the lease for 1,955 SF.

 

Barber Shop opening at Huntington Square

De Rito Partners’ broker Bill Bones represented the landlord in signing a lease to a barber shop at Huntington Square in Tempe, Arizona. The deal is for a 900 SF space at the center located at the northeast corner of Southern Avenue and Mill Avenue.

 

Biltmore Loan and Jewelry opening at Chandler Pavilions

Biltmore Loan and Jewelry signed a lease for a 2,000 SF space at Chandler Pavilions located at 54th Street and Ray Road in Chandler. Paul Serafin and John Palmieri of De Rito Partners represented the landlord in the deal.

 

Hard corner PAD sold in Gilbert

De Rito Partners’ brokers Brian Bridgman and Trevor Clinch represented the seller in completing a deal for a 3-acre PAD at the southeast corner of Lindsay Road and Guadalupe Road in Gilbert.

 

Salon and spa expanding with north Phoenix location

MW Studio 14 Salon & Spa signed a lease for 1,300 SF at the La Piazza Center in north Phoenix. Stan Sanchez of De Rito Partners represented the salon and spa in completing the lease at the center located just west of the southwest corner of Tatum Boulevard and Union Hills Drive.

 

Café opening first location in Peoria

De Rito Partners’ broker Carl Jones, Jr. represented the landlord in completing a deal with Café 99 to open their first location. The lease is for a 3,800-square-foot space at Grand Center Plaza located just north of the northeast corner of 99th Avenue and Peoria Avenue in Peoria.

 

R&S Mattress expanding in Phoenix

R&S Mattress signed a lease to add a location at the southwest corner of I-17 and Thunderbird Road in Phoenix. Matt Morrell and Trevor Clinch of De Rito Partners represented the landlord in signing the deal for a 3,764 SF space.

 

Former restaurant in Avondale sold

Matt Morrell and Paul Serafin represented De Rito Partners in the sale of a 6,722 SF former restaurant building located just north of the northeast corner of Dysart Road and McDowell Road in Avondale, Arizona. The building was sold to new user Fiesta Mexicana.

 

Mexican food restaurant expanding to third location

Pedrito’s Mexican Food signed a lease to open their third location in Mesa, Arizona, at the northwest corner of Power Road and Baseline Road. De Rito Partners’ brokers Gordon Heckaman and Roger Brevoort represented the landlord in the deal for a 1,093 SF space.

De Rito Partners, Inc. Arizona's Retail Experts

Toby Keith’s I Love This Bar and Grill Opens Third Ariz. Location

Toby Keith’s I Love This Bar and Grill is set to add a third Arizona location at the CityCenter of City North, just off the 101 at 56th Street and Deer Valley Road. The 14,500 SF, full-service bar will feature a seating capacity of more than 300 guests, live country music, country dancing, and dancing whiskey girls. The bar will also offer birthday parties, private event, and corporate gathering packages, as well as military discounts. As for live entertainment, the bar will play host to a variety of local, regional, and national up-and-coming artists. The corporate team anticipates a late spring to early summer 2014 opening for the north Phoenix location.

“We’re ecstatic to bring the next Toby Keith’s I Love This Bar and Grill to CityNorth,” said Frank Capri President and CEO for Boomtown Entertainment/Owner-Operators of TK ILTB&G. “The CityNorth concept and vision has always been in our sights and we are excited to partner with the CityNorth management team as their vision and ours are in step to help grow north Phoenix. Arizona is where our company started; it’s full of country music fans and the CityNorth location is the perfect next piece of the puzzle for our strategic roll-out in Arizona.”

Toby Keith’s I loveThis Bar and Grill was represented in this recent deal by Master Broker Marc Offit, Chairman and CEO of Sierra U.S. Commercial Real Estate based out of Chicago, and Stan Sanchez, President of De Rito Partners Inc. in Phoenix. Landlord representation was by Robert McGarey and Trent Goulette of Southwest Retail Group, located in Scottsdale.

Skye Supper Club

De Rito Partners Releases Recent Transaction List

De Rito Partners Partnership purchases Arrowhead restaurant building

De Rito Partners purchased the former Skye Supper Club located at Loop 101and Bell Road, within the Arrowhead Entertainment District for $1.8m. Paul Serafin represented De Rito Partners in the purchase of the 14,471-square-foot restaurant in Peoria and will be handling the leasing efforts on the project.

Entertainment center opening hiring office in Tempe

Main Event Entertainment, an entertainment group operating high volume family entertainment centers, signed a lease to open a hiring office at Warner Village in Tempe, Arizona. The deal is for a 1,943-square-foot space at the northeast corner of Priest Road and Warner Road. De Rito Partners’ brokers Gordon Heckaman and Trevor Clinch represented the landlord in the deal.

Gilbert Town Square adding residential real estate office

Mogul International Real Estate completed a lease to open an office at Gilbert Town Square, located just south of the southwest corner of Gilbert Road and Warner Road. Carl Jones Jr. and Bill Bones of De Rito Partners represented the landlord in signing the lease for a 1,163-square-foot space.

Ace Hardware opening first store in Nogales

De Rito Partners’ broker Marty Olejarczyk represented Ace Hardware in completing a deal to open the popular home improvement store’s first location in Nogales, Arizona. The tenant signed a lease for 13,108 square feet along Mariposa Road, just east of Interstate 19.

Liberty Tax adding another Phoenix location

Liberty Tax Services is expanding by adding a location just west of the northwest corner of 19th Avenue and Camelback Road in Phoenix, Arizona. De Rito Partners’ brokers Adrienne Bryant and John Trujillo represented the landlord in signing a lease for a 1,687-square-foot space.

TitleMax opening a location in Yuma

De Rito Partners’ broker Bill Bones represented TitleMax in signing a lease to open a location in Yuma, Arizona. The tenant signed a deal for 2,700 square feet at 2780 S. Pacific Avenue, which is at the intersection of Pacific Avenue and Palo Verde Street in Yuma.

Dental practice expanding Arizona presence

De Rito Partners’ brokers Chris Corso and Martin Leon represented an expanding dental practice in purchasing a new 10,000-square-foot location. The building is located at the southwest corner of 31st Avenue and Indian School Road in Phoenix.

Tattoo parlor opening at Perkins Center

A local tattoo parlor signed a lease for space at Perkins Center located just west of the southwest corner of 59th Avenue and Bell Road. Arch Jeffery and Carl Jones Jr. of De Rito Partners represented the landlord in signing the lease for a 1,104-square-foot space.

Cigna Healthcare expanding in Phoenix

Cigna Healthcare, a global healthcare service, is expanding in Phoenix by adding a location at Squaw Peak Promenade. Cigna signed a lease for 4,560 square feet at the center located at 16th Street and Glendale Avenue. Chris Corso and Justin Rihs of De Rito Partners represented the landlord in the deal.

New staffing office opening at Dobson and Main

Corporate Resource Services will be opening a new office at the southwest corner of Dobson Road and Main Street in Mesa. De Rito Partners’ brokers Justin Rihs and Brian Bridgman represented the landlord in completing the lease for 1,165 square feet.

Leisure Living for the Elderly moving locations

De Rito Partners’ brokers Paul Serafin and Trevor Clinch represented the landlord in signing a lease at the northeast corner of Dobson Road and Southern Avenue in Mesa to Leisure Living for the Elderly. The deal is for a 1,600-square-foot space.

Pre-Akademy opening in Phoenix

Pre-Akademy, a daycare preschool, signed a lease for a 2,600-square-foot space at the Village Shopping Center located at 19th Avenue and Dunlap Avenue in Phoenix. Chris Corso and John Palmieri of De Rito Partners represented the landlord in the deal.

TitleMax opening a location in Flagstaff

De Rito Partners’ broker Bill Bones represented TitleMax in signing a lease to open a location in Flagstaff, Arizona. The tenant signed a deal for 994 square feet at 418 E. Route 66, located just east of Heritage Square in Flagstaff.

Verde Valley Plaza adding auto license and title office

FooteWork Auto License & Title Services signed a lease for 2,616 square feet at the Verde Valley Plaza in Cottonwood, Arizona. Dale Harsh of De Rito Partners represented the landlord in completing the lease at the center located at Highway 89A and Highway 260.

Discount Grocery Mart opening in Tempe

De Rito Partners’ brokers Chris Corso and Robert McKnight represented Discount Grocery Mart in completing a deal at the southeast corner of University Drive and Priest Drive in Tempe. The tenant signed a lease for a 2,200-square-foot space.

Electronic cigarette shop opening in Scottsdale

Vape Now, an electronic cigarette shop, signed a lease to add a location just west of the northwest corner of Scottsdale Road and Indian School Road in Scottsdale. John Palmieri of De Rito Partners represented the landlord in signing the deal for a 1,249-square-foot space.

Safeway at the Provinces in Chandler

De Rito Partners, Inc. Releases Recent Commercial Transactions

 

De Rito Partners recent commercial transactions:

>> Planet Fitness signed a lease for 21,000 SF at Metro Gateway Shopping Center in Phoenix. The center is located a half-mile from Metro Center Mall at the SEC of 35th and Peoria avenues. De Rito Partners’ brokers Adrienne Bryant and Carl Jones, Jr. represented the landlord.

>> Title Max, one of the nation’s largest title lending companies, completed a deal to add a new location at the SWC of Gilbert and Guadalupe roads. Bill Bones of De Rito Partners’ represented the tenant in signing the deal for a 3,794 SF space.

>> Desert Star Dance leased 5,800 SF at Safeway at the Provinces in Chandler. The center is at the NEC of McQueen and Ray roads. Gordon Heckaman of De Rito Partners represented the landlord in the lease.

>> De Rito Partners’ broker Paul Serafin represented the landlord in signing a lease to bring Planet Fitness to Chandler Pavilions at 54th St. and Ray Rd. The lease is for a 19,382 SF space.

>> Pizza Hut secured a new location at the SWC of 32nd St. and Cactus Rd. in Phoenix. Morey Fischel of De Rito Partners represented the tenant in signing the lease for a 1,510 SF space.

>> La Gran Bota signed a lease to open a new location in South Tucson at the SWC of Interstate 10 and 6th Ave. De Rito Partners’ brokers Paul Serafin and Lizette Fonseca represented the tenant.

>> Mariscos Camaron Pelado Restaurant signed a lease to open its first location at Baldridge Commons located in Goodyear. The tenant signed a lease for 1,600 SF at the center at the NWC of Dysart Rd. and Van Buren. De Rito Partners’ broker Gordon Heckaman represented the landlord.

>> Urbayn Home Accessory and Gift Boutique completed a deal to open a location at the NEC of Scottsdale Rd. and McDonald Dr. in Scottsdale. Morey Fischel of De Rito Partners represented the tenant in signing the lease for the 1,606 SF space.

>> De Rito Partners’ brokers Bruce Milton and Justin Rihs completed a deal to bring Picosito Mexican Grill to the NWC of 75th Ave. and Lower Buckeye Rd. in Phoenix. The brokers represented the landlord in the lease for a 1,950 SF space.

>> Dutch Bros. Coffee completed a deal to open another Valley location in Goodyear at the NWC of Litchfield and Indian School roads. De Rito Partners’ brokers Marty Olejarczyk and Brian Bridgman represented Dutch Bros in signing a ground lease for 27,579 SF.

 

rsz_ocotillo_plaza-stanton

CBRE Completes $13.57M Sale Of 123,000 SF Retail Center In Chandler

 

CBRE completed the sale of Ocotillo Plaza, a 123,000 SF neighborhood shopping center  at 2840 S. Alma School Rd. in Chandler. The asset sold for $13.57M.

Cam Stanton of CBRE’s Phoenix office represented both parties in the transaction. The seller was Ocotillo Plaza Investors LLC of Roseville, Calif. The buyer was Ocotillo Plaza De Rito-P Retail LLC, located in Phoenix.

“De Rito was looking for a large, value-add asset in the Chandler area, and they have it in Ocotillo Plaza,” Stanton said. “It is in an excellent location with proximity to the Price Road Business Center immediately west, which is one of the strongest employment hubs in the metro area.”

“This is a great project in a great location,” said Iver Bowden, COO of De Rito Partners. “Other retail centers at this intersection are fully leased, so we are excited about Ocotillo Plaza’s potential. It was great working with Cam on this project.”

Built in 1986, Ocotillo Plaza shares the intersection of Alma School and Queen Creek roads with an Albertsons-anchored center on the SEC and a Sprouts-anchored center on the NEC. Ocotillo Plaza was 29% leased at the time of sale.