PHOENIX, ARIZONA – NAI Horizon’s retail team negotiated a long-term lease totaling $2 million on behalf of the tenant as Zipps Sports Grill joins the lineup of new businesses at iconic Park Central, which is undergoing major redevelopment in Midtown Phoenix.

The NAI Horizon Retail Properties team of Senior Vice Presidents Chris Gerow, Shelby Tworek, Gabe Ortega and Associate Patrick Anthon represented Zipps Park Central LLC of Scottsdale, Arizona.

Zipps, a popular restaurant and sports viewing venue across the Valley, will occupy 6,506 SF at Park Central, which totals 450,000-sqaure-feet. It will join other eateries including Starbucks, First Watch, Jamba Juice, Fired Pie, Jimmy Johns, Pita Bistro, Kobalt Bar and Thai Basil at Park Central, 3110 N. Central Ave.

“The opportunity at Park Central represented a once-in-a-lifetime opportunity for Zipps to enter the downtown market,” Gerow said. “With a new student population from Creighton University and new residents filling the proposed apartments, it will serve as their local place to grab a bite to eat, watch a game or two and enjoy a beverage. It will be an ideal eatery to serve a new client base in Midtown Phoenix.”

One of the Valley’s original shopping destinations, Park Central Mall opened in 1957 and became the center of activity along Central Avenue. It has undergone a substantial facelift with nearly $60 million invested. All its original buildings still stand, and most have only cosmetic changes.

They are being repurposed into modern office and retail space. The mid-century-modern style of the past is evident in buildings that were constructed with some extraordinary architectural touches. All of these features will be at the center of the revitalized property.

The former low-rise mall is about to sprout a tower to house Creighton University’s $150 million medical school, a nine-story apartment building, new parking structure, an arts center to house 400, and outdoor shaded meeting spaces.

Plans also call for a 278-unit apartment complex that had been a parking lot. The owners of Park Central are also working with a potential developer to build a 200-room hotel on the premises. The phase will also include redevelopment of a 193,000-square-foot former department store into office and retail space.

To replace the parking lot, a community facilities district has been established to build a parking garage, which is scheduled to be completed in the third quarter of 2020.

Brent Mallonee of Cushman & Wakefield represented the landlord, HPPC, LLC of Peoria, Arizona.

TUCSON, Ariz. – Hacienda Professional Office, LLC is poised to begin development of a build-to-suit, Class A office building at 2626 East River Road (southeast corner of River Road and Hacienda del Sol Road within Tucson city limits) for end user Banner Alzheimer’s Institute. Groundbreaking is anticipated this summer. The project will be adjacent to The Hacienda at the River, a Watermark community encompassing assisted living, memory care, Medicare-certified skilled nursing and rehabilitation, integrative therapies including equine therapy, and hospice services.

Banner Alzheimer’s Institute has entered into a long term lease to occupy 10,000-square-feet of the build-to-suit Class A office building. The remaining 5,000-square-feet of leasable Class A office space is represented by David Montijo, CBRE.

The new building will be home to an expansion of Banner Alzheimer’s Institute’s globally respected program in Phoenix.  Banner Alzheimer’s Institute in Tucson will see patients with cognitive disorders to provide diagnostic evaluations, individualized treatment plans and ongoing support from an experienced team.

Through its research and care, Banner Alzheimer’s Institute is dedicated to the goal of ending Alzheimer’s disease without losing another generation. Founded in 2006 by Banner Health, one of the country’s largest nonprofit health care systems, BAI has a three-fold focus: to conduct revolutionary studies in the detection, treatment and prevention of Alzheimer’s; to set a national standard of patient and family care; and to forge scientific collaborations that bring together institutions and disciplines internationally.

Developer of the 15,000-square-foot build-to-suit building is Michael R. Wattis Inc. Architect is Highton Company Commercial Architectural Services. Contractor is W.E. O’Neil Construction Co. of Arizona.

Michael R. Wattis, Inc., a closely held real estate development firm specializing in industrial and commercial build-to-suit developments, brings over 25 years of commercial real estate and development experience to the project. Over three decades in Tucson, Wattis has attentively nurtured business relationships with a network of principals in real estate and related disciplines. These positive, long-term relationships have led Wattis to diverse opportunities in real estate development primarily in Southern Arizona.

For more information visit www.banneralz.org; to support our programs and services go to give.bannerhealth.com/Alzheimers.

[mepr-show rules=”58038″]Askng lease rate: $24.50/ SF / NNN[/mepr-show]

Commercial Real Estate Firm Leases Former Morton’s Steakhouse Space

PHOENIX, ARIZ.– Transwestern Commercial Services (TCS) today announces it has leased 9,000-square-feet at the former Morton’s The Steakhouse space at the Esplanade, 2501 E. Camelback Road, Suite 1 in Phoenix, to accommodate its continued growth with top industry talent.

The space faces the Camby Hotel and is adjacent to Starbucks and WeWork’s first coworking location in Phoenix. The space has 18-foot ceilings and 15-foot retractable glass windows that open to an outdoor patio that TCS plans to use to engage with the local real estate community through broker events, meetings, networking and social opportunities. The location, ground-level access, pedestrian experience and street visibility were key factors in TCS’ decision.

Managing Director Mark Stratz, who took over as Phoenix City Leader in January 2018, has emphasized the engaging and collaborative nature of the new office.

“Transwestern wants to emphasize the human element of commercial real estate and provide an environment that encourages connections and meaningful relationships between our team members, their clients and the larger community,” Stratz said. “Our new office will provide the physical space for our team members to develop creative real estate solutions and drive value for clients.”

Layton Construction is renovating the former restaurant into an open concept office space with multiple collaboration areas. Gensler is designing a clean and simple aesthetic with classic materials. Currently located in an office building at the Esplanade, TCS is expected to move into the new space this summer.

The firm has been expanding its roster of experienced brokers, including renowned Arizona real estate executive Jim Fijan. With more than 35 years of experience, Fijan has completed 120 million square feet of transactions with a total consideration of approximately $14 billion, obtaining record pricing in every Phoenix submarket.

“In the few months I’ve been at Transwestern, it has been clear the culture is different from other Arizona real estate firms,” Fijan said. “Our new space is key to fostering a collaborative environment and encouraging brokers to be entrepreneurial.”

TCS has also hired Justin Himelstein as Senior Vice President to lead the firm’s Occupier Solutions group in Phoenix. With 15 years of industry experience, Himelstein has been involved with more than 700 transactions for a total consideration exceeding $1 billion.

“Transwestern is actively pursuing the best talent in the industry. We are intentional in selecting individuals who will add to our growth and fit with our cultural. The future is bright at Transwestern and our new space reflects that,” Stratz said.