The following leases were reported during the week of August 25-29, 2014 to the Phoenix Lease Report:
OFFICE – 101 CORPORATE CENTER, PHOENIX, AZ
CBRE has completed two office leases totaling 67,335-square-feet in Metropolitan Phoenix. The leases are representative of new office requirements by the State of Arizona for the newly created Child Safety and Family Services agency (CSFS).
A 26,265-square-foot, full-floor space in West 101 Corporate Center, which is owned by Los Angeles, Calif.-based Regent Properties and located at 1860 N. 95th Lane in Phoenix, will service CSFS’s West Valley clients. 1860 N. 95th Lane is a three-story, class A office building located within the West 101 Corporate Center master-planned business park. The property benefits from proximity to more than 1- million-square-feet of retail amenities, including Gateway Pavillions and Gateway Crossing. The building also has immediate access to the I-10 and Loop 101 freeways. The tenant, whose lease agreement brings the property to 72 percent leased, will take occupancy in early November.
The second location is a 41,070-square-foot office building at the Corridors business park, formerly owned by Chicago, Ill.-based The Alter Group and recently purchased by Los Angeles-based Adler Realty Group. Located at 1925 W. Pinnacle Peak Rd. in Phoenix, this location will service North Phoenix.
An 80-acre business park, Corridors currently features single-story buildings as well as land for expansion and build-to-suit opportunities. Located near the southeast corner of Pinnacle Peak Road and the I-17 freeway, the park benefits from proximity to more than 1.7 million square feet of retail amenities. Current tenants include Chubb Insurance, Arizona State Credit Union, Syntellect, Bechtel, Belcan Engineering, Kutta Technologies and Performance Software. The Child Safety and Family Services lease, whose operations will take occupancy in early December, brings the business park to 88 percent leased
Jim Bayless, Ashley Brooks and Jenny Aust with CBRE’s Phoenix office negotiated the long-term lease transactions on behalf of Regent Properties and The Alter Group. The State of Arizona was represented by Chris Corney with JLL’s Phoenix office.
RETAIL - 624 W. BROADWAY RD., MESA, AZ
A lease for 3,560-square-feet at Broadway Mesa Center – 624 W. Broadway Rd in Mesa, AZ to Pueblo de Dios Church was recently consummated. The owner of the center is Broadway Mesa Center,LLC. Jared Lively of Rein & Grossoehme represented the owner and the tenant on this transaction.
RETAIL – 3310 S. McCLINTOK DR., TEMPE, AZ
A lease for 2,100-square-feet at Walgreens Plaza - 3310 S. McClintock Dr. in Tempe, AZ to Fancy Pets Dog Grooming was recently consummated. The owner of the center is Worrell Family Trust, LLC. Jared Lively of Rein & Grossoehme represented the owner and the tenant on this transaction.
RETAIL – 1515 N. GILBERT RD., GILBERT, AZ
A lease for 1,610-square-feet at Encore Plaza was recently consummated. The location of the property is the SEC of Baseline/Gilbert Rd., in Gilbert, AZ. Darling Donuts is set to open its 1st location in Arizona, taking the 1,610-square-feet at this vibrant shopping plaza. The opening is scheduled for November 1st, 2014. Jim Edwards of Rein & Grossoehme represented the owner and Tom Belk of KW Commercial represented the tenant.
RETAIL – 20820 E. ELLSWORTH RD., QUEEN CREEK, AZ.
A lease for 1,200-square-feet in Queen Creek Marketplace Shopping Center to Blackbird Music was recently consummated. The location of the property is the SWC of Power Rd. and Chandler Heights Rd. in Queen Creek, AZ. Blackbird Music has been in business for 6 years and is relocating from a location on San Tan Blvd. The owner of the center is Grace Properties. Jim Edwards of Rein & Grossoehme represented the tenant and Justin Haefner of Strategic Retail Group represented the tenant on this transaction.
OFFICE - 16150 N. ARROWHEAD FOUNTAIN CENTER DR., PEOPIA, AZ
A lease for 1,197-square-feet in Arrowhead Fountain Center office building to State Farm Insurance/Bryce Crawford was recently consummated. The location of the property is 16150 N. Arrowhead Fountain Center Dr. in Peoria, AZ. Bryce Crawford has been in business for over 5 years and is relocating from Union Hills and 51st Ave. Jim Edwards of Rein & Grossoehme represented the tenant and Tim Watters of CBRE represented the owner on this transaction.
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