Newmark Grubb Knight Frank (NGKF) announced the Southwest expansion of privately-owned Bealls Inc. (Bealls Outlet and Burkes Outlet), a national off-price retailer, in Phoenix, Albuquerque, Tucson and Las Vegas.
Represented by Tim Westfall and Joe Doucett with NGKF Arizona Retail, Bealls closed seven transactions in the last quarter for more than 136,000 square feet. The stores are scheduled to open between the fall of 2016 and spring of 2017.
“Our focus is on markets that will support the fashion brands and home goods products featured in our stores,” explained Lauri Mendoza, regional site manager at Bealls Outlet Stores Inc. “The demographics in key southwest markets are ideal for our model and we expect continued growth in the region.”
Bealls expanded in the market last year, securing two new Phoenix locations, Westporte Village and Legacy Village, totaling nearly 44,000 square feet; most recently it doubled its presence in the New Mexico market with three back-to-back closings representing nearly 58,000 square feet.
NGKF Arizona Retail exclusively represents Bealls in its southwest expansion. Growing its footprint this past year by more than 180,000 square feet, the team is in active pursuit of 20,000-25,000 square foot opportunities.
“The Phoenix retail market is improving. There’s been a steady advancement since the trough of the recession when there were over 300 available big box locations”, commented Westfall, who is actively working with Bealls on transactions in the metro area.
“As the retail landscape continues to evolve, retailers must be prepared to take aggressive action to adapt to consumer needs and remain viable in the sector,” added Westfall. “Many retailers are rethinking their real estate portfolios, market penetration and getting creative with the foot print of new stores. Bealls Outlet is a prime example as the retailer is aggressively growing its presence in major markets throughout the country. As a privately-held company, Bealls Outlet is nimble with creative deal structures, and is attentive and responsive on transactions, which are all appealing tenant characteristics to landlords.”
