Phoenix Lease Report – October 20-24, 2014
The following leases were reported during the week of October 20-24, 2014 to the Phoenix Lease Report:
OFFICE – 585 N. JUNIPER DR., CHANDLER, AZ
Arizona Priority Care of Chandler, which delivers medical care through a network of community physicians, leased the 24,896-square-foot office space at 585 North Juniper Drive at the Chandler Corporate Center from Garmin International, Inc., of Olathe, Kan.
Two Colliers International teams negotiated the agreement. Associate vice presidents Michael Dupuy and Fletcher Perry represented the tenant. Keith Lambeth, executive vice president, Todd Noel, CCIM, executive vice president, and Ryan Timpani, associate vice president, represented the landlord.
Colliers International in Greater Phoenix negotiated the multi-year office lease in this Class-A office “plug and play” space constructed in 2008. “This corporate headquarters expansion represents a flight to quality and offers a growth opportunity for the tenant,” said Dupuy, adding “The Chandler Corporate Center campus, as a whole, is an attraction because of its location.”
Arizona is the most recent addition to the Heritage Provider Network family of health care. Arizona Priority Care offers primary care in Casa Grande and urgent care in Gilbert.
INDUSTRIAL – 605 E. GRANT, PHOENIX, AZ
Tuft & Needle, a startup mattress company, is relocating its headquarters to the Levine Machine Building in Downtown Phoenix’s warehouse district. Cushman & Wakefield of Arizona, Inc. negotiated a 5-year lease as Tuft & Needle relocates from Tempe to a 5,100-square-foot facility at 605 E. Grant Street in Phoenix.
Tuft & Needle designs and manufactures a line of mattress that is exclusively available online and ships right to the door of the customer. According to Entrepreneur magazine, Tuft & Needle’s mattresses are the top-rated product in Amazon’s furniture category. The company was co-founded by John-Thomas Marino and Daehee Park, who formerly worked together at a Silicon Valley software startup.
“We really enjoyed working with Daehee and JT on this assignment,” Ryan Bartos said. “It is always fun to watch a startup begin to scale, and we’re happy to be a part of that growth. They’re doing great things and we can’t wait to see what’s next for Tuft & Needle.” Bartos and Matt Coxhead of Cushman & Wakefield represented Tuft & Needle in the lease transaction. The landlord, Michael Levine, was self-represented.
“As a Phoenix-based startup, we’re excited to partner with people like Ryan Bartos, Matt Coxhead and Michael Levine who share a genuine passion and vision for local entrepreneurship.” Daehee said. “The Levine Machine is an amazing building with a lot of history and character where we’ll continue building the best mattress company in the world.”
RETAIL – SEC of I-10 and DYSANT RD., AVONDALE, AZ
Andy Kroot, announced that Krispy Kreme Doughnuts leased the former Long John Silver’s A&W building at the SEC of I-10 and Dysart in Avondale, AZ. Andy Kroot of Velocity Retail Group, LLC represented the Tenant – Hot Glazed Enchantment, Inc., a New Mexico corporation and Jennifer Eggert of ZELL Commercial Real Estate Services represented the Landlord. The building is +/-2,741 SF with a drive-thru.
“We are pleased to be able to help Krispy Kreme expand their presence and product offering in the greater Phoenix area, said Kroot, and we are continuing to look for sites (for sale or for lease) in the 1,500 SF – 3,500 SF range on freestanding locations or end caps with drive-thru.”
At the moment, Krispy Kreme has seven stores open in the greater Phoenix area; the Mesa factory at Superstition Springs Boulevard/US 60 Freeway, 7055 E. Shea Blvd., Scottsdale AZ, 1984 West Main St., Mesa, AZ, 847 N. Promenade Parkway, Casa Grande, AZ, 1055 West Chandler Blvd., Chandler, AZ, 3607 Bell Rd., Phoenix, AZ, & 3201 W. Indian School Rd., Phoenix, AZ, with other stores in the works.
Krispy Kreme was founded in 1937 in Winston Salem, NC, and is well known for its signature hot Original Glazed® doughnut. Krispy Kreme is traded on the NYSE as KKD; currently there are 649 Krispy Kreme locations in 21 countries around the world.
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