Tag Archives: Phoenix Commercial Advisors

Colliers, Office, Costar, WEB

Desert Mini Storage owner buys 22KSF office building for $3.5M

Colliers International in Greater Phoenix recently completed a sale of a Class A, 22,345-square-foot office building in Scottsdale for $3.5 million, or $156 a square foot.

Spensa Management, LLC, of Minnesota purchased the building, located at 8525 E. Pinnacle Peak Road, from K2H Pinnacle Peak Place, LLC, of Vancouver, BC, Canada.

Mike Milic, vice president; Philip Wurth, vice president; and Tyler Bush, associate; all of Colliers International, served as brokers for the seller.

Joe Welchert of Phoenix Commercial Advisors served as the broker for the buyer.

Spensa Management, which owns Desert Mini Storage, plans to occupy part of the building for its local headquarters. The building is 43 percent occupied.

“The transaction represented a solid opportunity for Spensa Management to acquire a great office property at below replacement cost in a highly desirable area of Scottsdale,” said Milic.

Sprouts, WEB

Sprouts to open at Prescott Valley Crossroads

Sprouts Farmers Market is scheduled to open at the Prescott Valley Crossroads power center on June 4. The 27,994 SF Phoenix-based specialty follows the October 2013 opening of Dick’s Sporting Goods’ 35KSF store. Other large retailers soon to join the successful center are a 23KSF TJ Maxx and a 10KSF ULTA Beauty store. Both stores plan to open in late summer or early fall. The three retailers will join Sam’s Club, which opened in 2010. Negotiations are continuing with other regional and national retailers.

Phoenix Commercial Advisors’ Greg Laing, Teale Bloom, and Cameron Warren represent Kitchell Development Company, the project developer, in leasing the Prescott Valley Crossroads. Dan Gardiner of Phoenix Commercial Advisors represented TJ Maxx and Sprouts Farmers Market in negotiations.

Located 80 miles north of the Phoenix metropolitan area, the center sits on a premium location in Prescott Valley, along Highway 69.  The 800KSF power center offers retail, services, big box, and dining opportunities and will serve the greater Prescott and Prescott Valley areas.  Jeff Allen, President of Kitchell says the center “is one of the last premier locations in the area for large tenants.”

Kitchell developed both the north and the south sides of the highway. The shopping center occupies all four corners of the intersection which sits 1,000 feet above the town on Glassford Hill, providing great visibility for retailers locating there. The north side of the highway offers 444KSF of retail anchored by Home Depot, Dollar Tree, and Hobby Lobby.

Home building permits in Prescott Valley tell the story of the area’s rapid growth. According to the Town of Prescott Valley new home permits increased from only 21 permits being issued in 2010 to 259 new build permits issued as of November 2013.  Housing growth is one of the factors retailers consider when looking at trade areas in which they might add new stores.

According to Bloom, “Area housing growth has helped drive retailer interest. Demand from retailers and restaurants for the balance of the shopping center has also increased with every reported new retailer committment in the center. There will be other announcements of great retailers to come.”

According to Gardiner, “The tenant mix in Prescott Valley Crossroads has become formidable. The strong lineup of retailers in complimentary categories will make this a true regional draw for the surrounding residents, and one of the top shopping centers in northern Arizona.”

3131&3133CamelbackRd

Latest leasing deals bring 3131 & 3133 Camelback to full occupancy

Cassidy Turley announced that it completed leases of 13,782 square feet with Kforce, Inc., 7,468 square feet with Lawyers Title, 6,293 square feet with GL Legacy Commercial Advisors, Inc., and 2,250 square feet for Newmark Realty Capital at 3131 and 3133 East Camelback Road in Phoenix.

Cassidy Turley Managing Director Trevor Klinkhamer and Senior Vice President Ray Harris represented the landlord, TR Camelback Corp. Chris Latvaaho of Cushman & Wakefield represented Kforce Inc.; Tom Imparato of Orion Realty Group represented Lawyers Title; Tom Jacobs of Cassidy Turley represented Newmark Realty Capital; and GL Legacy Commercial Advisors, Inc. was represented by Torrey Briegel of Phoenix Commercial Advisors.

“It’s very hard and unusual to lease a multi-tenant project of this size to 100%, and we believe this is a testament to the excellent location, timeless quality of construction and the excellent property management at 3131 and 3133” said Mr. Harris.

Built in 1998 and 1999, 3131 & 3133 Camelback is a Class A, multi-story office project. It is ideally located in the Camelback Corridor, on the southwest corner of 32nd Street and Camelback Road and is one of the most highly prized tenant addresses in the Phoenix metro area. The two-building property is in proximity to Arizona SR 51, Interstate 10, and 202 freeways and Phoenix Sky Harbor International Airport. Convenient to the recently renovated Biltmore Fashion Park, Ritz Carlton Hotel and many fine restaurants including Central Bistro, Tarbells, Donovan’s Steakhouse, Capital Grille, Tomaso’s, True Foods, Hillstone, Stingray Sushi, Seasons 52, Christopher’s & Crush Lounge, and Chelsea’s Kitchen. For more information contact: Trevor.Klinkhamer@cassidyturley.com or Ray.Harris@cassidyturley.com.

PV_Crossroads_-_17

ULTA Beauty leases Prescott Valley location

SRS Real Estate Partners announced that ULTA Beauty has leased a 10,000-square-foot space in Prescott Valley Crossroads Shopping Center. ULTA Beauty is the largest beauty retailer that provides one-stop shopping for prestige, salon products, and salon services in the United States. As of February 1, 2014 the Company operates 675 retail stores across 46 states and also distributes its products through the Company’s website: www.ulta.com. The Prescott Valley location plans to open later this year and will be their 24th in Arizona.

Prescott Valley Crossroads is located along Highway 69 and Sundog Ranch Road in Prescott Valley, Ariz. Prescott Valley Crossroads is the Prescott Valley’s first power center. Crossroads, a 600,000 square-foot power center is home to a variety of large and small retailers and restaurants, including Dick’s Sporting Goods, Hobby Lobby, Home Depot, Sam’s Club, and Sprouts Farmers Market.

Mike Polachek, executive vice president with SRS Real Estate Partners represented the tenant, ULTA Beauty, in the transaction. Greg Laing of Phoenix Commercial Advisors represented Kitchell Development on this transaction. Rob Schramm with Kitchell Development, negotiated on behalf of the Landlord.

Chuck Wells, Phoenix Commercial Advisors-cut

Cheddar's Casual Cafe Coming to Chandler

Cheddar’s Casual Cafe, a regional restaurant chain, will build its first Arizona location in Chandler in the former Red Fish Building on the NEC of Chandler Boulevard and Loop 101. The facility is 8,000SF.

This trade area was chosen because of its daytime and residential demographics offering an employment pool, regional retail and residential rooftops to generate lunch and dinner traffic seven days of the week.

The company has plans to open its next Arizona location in Tucson and is looking for more locations in Arizona. The company would like to continue their growth next to freeway interchanges, where possible, a spokeswoman for Phoenix Commercial Advisors says.

Chuck Wells of Phoenix Commercial Advisors represented the tenant. Charles Skaggs, of RED Development, represented the landlord.

SanTan Village Furniture Center photo - August deals

San Tan Village Gets 20KSF of New Retail in Gilbert

Torrey Briegel

Torrey Briegel

LeSueur Investments recently broke ground on approximately 20,000 square feet of new retail shop buildings adjacent to Costco Wholesale at San Tan Village in Gilbert, located at the SEC of San Tan Village Parkway and Loop 202.  The shop space will be delivered to tenants during the fourth quarter of 2013.  Leases have been signed with Deseret Books for approximately 9,000 SF and Firehouse Subs for approximately 2,300 SF.  The Landlord is working to finalizes leases on the remaining 8,800 Sf with three nationally recognized restaurant groups and one additional high profile retailer.  The property should be 100% leased and occupied by mid 1Q2014.

The developer has additional acreage and shop space available.

Lance Umble

Lance Umble

Brokers Torrey Briegel and Lance Umble, of Phoenix Commercial Advisors, have also recently sold pads to Starbucks and Kneeders which sit north of the 20,000 SF project detailed above.

Edible Arrangements

SRS Real Estate Partners Brings Edible Arrangements to Phoenix

Edible Arrangements has leased a 1,266 SF space located at the NWC of Greenway Road and Tatum Boulevard in Phoenix, SRS Real Estate Partners announced Tuesday. Other tenants in the center include Modern Grove and Firehouse Subs. Edible Arrangements plans to open in the next few months.

Chuck Gibson with SRS Real Estate Partners represented the tenant, Edible Arrangements, in the transaction. Zach Pace with Phoenix Commercial Advisors represented the landlord, Jamel Greenway, LLC.

Camelback Crossing, AZRE July/August 2008

Mixed-Use: Camelback Crossing


CAMELBACK CROSSING

Developer: CenterCore Development Group
General contractor: TBD
Architect: Robert Kubicek Architects
Location: NEC 19th Ave. & Camelback Road, Phoenix
Size: 15,000 SF
Broker: Phoenix Commercial Advisors

Camelback Crossing is a $6 million redevelopment project occurring along the light rail. Construction will begin 3Q08, and has a December completion date for this year.

AZRE July/August 2008