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.
SRS Real Estate Partners announce that DownEast Home & Clothing has leased a 17,034 SF space in Mesa Pavilions North shopping center. Mesa Pavilions North is located at the northeast corner of the US 60 and Power Road in Mesa, Ariz. and includes such tenants as: WinCo Foods, PetSmart, Sports Authority, Staples, Five Guys, and Jimmy John’s. DownEast Home & Clothing is scheduled to open spring 2014.
Scott Ellsworth and Alan Houston with SRS Real Estate Partners represented the landlord, KIMCO Realty, in this lease transaction.
Velocity Retail Group, LLC announces that Dollar Tree has finalized a seven-year lease for a 9,145 SF store at Anthem Eastside Shops at the NWC of Anthem Way and Venture Drive. Larry Miller and John Jackson of Velocity Retail Group represented the Landlord, DPC Development Company in the transaction. The tenant was represented by Kurt Kalocin of SRS Real Estate Partners. The store is planning on opening September 1, 2014.
“Dollar Tree has been seeking a site in the Anthem trade area for some time,” said Miller. “Finding suitable real estate to accommodate their size has been the challenge. Our Landlord was able to relocate an existing tenant in order to create the space for Dollar Tree,” he added.
“By working through our brokerage team at Velocity Retail we were able to creatively find a solution that works for Dollar Tree and our ownership group. This new tenant brings our center to almost full occupancy,” said Justin Lutgen, Acquisition Manager for DPC Development. “Dollar Tree will be a great asset to the residents of Anthem for their daily shopping needs,” he added.
Dollar Tree is a discount variety store that sells items for $1. The company is headquartered in Chesapeake, Virginia and operates over 4,900 stores in the United States and Canada.
SRS Real Estate Partners announced that Café Rio, a fresh Mexican food restaurant, has leased a 3,300-square-foot space located at the southwest corner of Santan Village Parkway and Loop 202 in Gilbert, Ariz, their fourth location in the valley. Café Rio uses inspired recipes and traditional cooking of Northern Mexico’s Rio Grande, Southern Texas, and New Mexico to create a fun, fast, fresh take on Mexican food. The restaurant plans to open early second quarter 2014 and looks to expand two to three locations annually over the next three years.
Jon Cowen with SRS Real Estate Partners represented the tenant, Café Rio, in the transaction. Torrey Briegel and Lance Umble with Phoenix Commercial Advisors represented the Landlord, Santan Development Group, Inc.
SRS Real Estate Partners announced Tuesday that Dollar Tree has signed three new leases and is looking for more sites throughout Arizona. Dollar Tree is an actively expanding customer-oriented, value-driven variety store operating at a one dollar price point. Dollar Tree’s first new location is a 10,865 SF space at Squaw Peak Plaza located at the NEC of Thomas Road and State Route 51 in Phoenix. Other tenants include; Steven’s Shoes and Douglas Barber Shop. Dollar Tree plans to open in early 2014.
The second new location for the discount store is an 8,512 SF space in Harrison Plaza located at the northwest corner of Golf Links Road and Harrison Road in Tucson. Tenants in the center include; Big Lots, O’Reilly Auto Parts, and Losbetos Mexican Restaurant. Dollar Tree plans to open in early 2014.
Dollar Tree’s third new location is an 8,000 SF space at Gilbert Gateway Towne Center located at the southwest corner of the San Tan Freeway and Power Road in Gilbert. The Target anchored shopping center includes; Michael’s, Ross, Chase, Petsmart and Sweet Tomatoes. Dollar Tree plans to open in early 2014.
Kurt Kalocin with SRS Real Estate Partners represented the tenant, Dollar Tree in the three transactions. Brian Woods and Tom Woods with Collier’s International represented the Landlord, Vestar, in the Gilbert Gateway Towne Center transaction. Regan Amato and Tyler Chester with Phoenix Commercial Advisors represented the landlord, Kornwasser Shopping Centers, in the Squaw Peak Plaza transaction.
SRS Real Estate Partners hired Jon Cowen as senior vice president in the Phoenix office. A well-known name in the Arizona market, Cowen brings a wealth of experience and relationships to SRS. He will focus on representing local and national retailers, shopping center leasing and development and investment sales.
Cowen has more than 24 years of experience in commercial real estate. His career boasts involvement in more than 500 transactions with a value in excess of $1B. He has worked with many high-profile clients such as Kimco Realty, Vestar Development Co., Sears Great Indoors, Skechers, Bank of America, CVS/Pharmacy, McDonald’s, Starbucks, and Staples. Cowen has represented many national retailer’s roll-outs and expansions in the Arizona marketplace such as Café Rio and The Keg Steakhouse and Bar.
Previously, Cowen worked with the Retail Advisory Group at Cushman & Wakefield after his own real estate firm, Cowen Commercial, LLC, was acquired by the company. While at Cushman & Wakefield, he was recognized as the company’s top retail producer for 2011 and 2012.
“Jon is going to be a great addition to the Phoenix office,” said Ed Beeh, executive vice president and market leader for the Phoenix office. “He has made a name for himself in the area and has a wealth of experience. We are very lucky to have him on our team.”
Cowen attended the University of Arizona and is a member of the International Council of Shopping Centers.
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.