NAI Horizon negotiates $20M in Planet Fitness leases

Real Estate | 5 Dec, 2017 |

NAI Horizon negotiated a long-term lease for Planet Fitness at 10105 E. Via Linda Rd., in Scottsdale, Arizona.

With this deal, NAI Horizon has recently negotiated long-term leases totaling more than $20 million for Planet Fitness locations across the Valley.

The NAI Horizon retail properties team of Senior Vice Presidents Chris Gerow, Shelby Tworek, Gabe Ortega, and Associate Patrick Anthon represented the tenant, Planet Fitness, in the Scottsdale transaction totaling $2.058 million.

“It’s a great opportunity to take a vacant grocery store and retrofit the site for a national fitness user,” Tworek said. “The demographics of the trade area work very well for Planet Fitness and they are eager to open.”

The Scottsdale Planet Fitness location will take up 29,192 square feet at the Mercado at Scottsdale Ranch. The landlord is Whitestone Mercado, LLC of Scottsdale.

NAI Horizon negotiates charter school lease

After a major repositioning this past summer, Corporate Center has landed a charter school that will occupy 26,072 square feet of  the 440,000 SF office complex along the reinvigorated I-17 corridor in North Phoenix.

NAI Horizon Senior Vice Presidents Troy Giammarco and Tyler Smith negotiated a long-term lease worth $3.125 million, bringing Sage Academy to Corporate Center, 10220 N. 25th Ave. NAI Horizon represented the landlord, Bay Pacific Corporate Center, LLC of San Francisco.

The eight-building portfolio offers the live-work-play requirements of today’s tenants.

“We were thrilled about ownership’s hands-on involvement and care during the genesis of this transaction,” Giammarco said. “We were pleased that the former ITT installation in the 10220 building had sufficient improvements that made the conversion to Sage Academy’s new home a win for both ownership and the school.

“The central location of the asset was key in Sage’s choice as it addressed the needs of parents who will commute to drop off their children. This will be key in meeting the school’s growing population,” Giammarco said.

Sage Academy’s growth plans include day care services in addition to its K-8 education facility. This a unique amenity to parents who are employed at Corporate Center.

“These features and benefits are what companies are looking for to help them attract candidates from the area’s rich employment base,” Smith said.

The North Phoenix submarket is undergoing a renaissance. Metro Center Mall, across I-17 from Corporate Center, is being redeveloped by the Carlyle Group. The City of Phoenix is upgrading the popular, 80-acre Rose Mofford Park adjacent to Corporate Center.

“The proximity of Corporate Center to the park across the street has the unique draw we feel appeals to the needs of the growing millennial workforce who are looking for work-play amenities and environment,” Smith said.

The tenant, Sage Academy Inc. of Phoenix, was represented by Jason Malcolm and Rod Beach of Cresa Phoenix.

Corporate Center features sought-after big blocks of space with mountain views ranging from 15,000 SF to 75,000 SF. The property is ideal for national corporate back office clients. By 2026 Metro light rail will serve the area.

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