Tag Archives: Smart & Final

Smart & Final to lease three locations in Valley

Brokers, Martin Leon and Chris Corso of De Rito Partners, Inc. recently announced that they will represent Smart & Final, a value-oriented grocer serving household and business customers with three new location leases.

Founded as the Hellman-Haas Grocery Company in 1871, Smart & Final operates nearly 250 warehouse stores under the Smart & Final and Cash & Carry Smart Foodservice banners. The new location leases will be Smart & Final Extra! stores, which are larger than traditional Smart & Final locations. They will also have an expanded selection of products for both business and household customers.

The first new store will be located at the Tatum and Thunderbird shopping center,  owned by Westwood Financial. This store will be 28,289 square feet.

The second new store will be located at 35th Avenue and Greenway in a property owned by Weingarten REIT. This store will be 28,985 square feet.

The third new store will be located at a property owned by Brixton Capital, on Guadalupe and Gilbert. This store will be 35,949 square feet.

Smart & Final currently has seven stores in the Valley and has been in Arizona for more than 30 years.

“These three locations are the first new Smart & Final locations to open since 2004, another indication of improving market conditions here in the Metro Phoenix area,” said Martin Leon, a broker at De Rito Partners.

All three location leases are scheduled to open during Q2 and Q3 of 2015.

 

East Thunderbird Square South - Retail

CBRE Completes $20.55M Sale Of East Thunderbird Square South

CBRE has completed the $20.55 million sale of East Thunderbird Square South, a 161,997 SF grocery-anchored shopping center on the NWC of Thunderbird and Scottsdale roads in Scottsdale.

Glenn Smigiel, Bob Young, Steven Brabant, Rick Abraham, Nancy Romanovsky, Kevin Schuck and Max Bippus of CBRE’s Phoenix office represented the seller, Gregg Williams of Trident Pacific Real Estate in Scottsdale, the court-appointed receiver for the asset. The buyer was Holualoa Companies; Michael Kasser, president, and Aroon Chinai, chief investment officer.

East Thunderbird Square South is located in a dense, upscale suburban neighborhood of north Scottsdale, boasting residents with significant discretionary buying power. The area’s strong demographics coupled with a limited supply of available land for future retail development have driven rental rates up to some of the highest in metropolitan Phoenix.

“East Thunderbird Square is located in one of the Valley’s strongest submarkets, which is likely to be one of the first areas to emerge from the current economic recession,” said CBRE’s Smigiel. “In addition, the property has 57,776 square feet of vacant space offering significant upside potential through lease up.”

Anchored by Smart & Final, the property’s major tenants include AZ Air Time, Bridgestone Tires, Leslie’s Poolmart and Steinway Piano Showroom. Three outparcels containing M&I Bank, Burger King and Taco Bell were not part of the sale.

East Thunderbird Square South was built in phases in 1986 and 1987 and was 64 percent occupied at the time of sale.