Site Serves as Second Altitude Park Location in Metro Phoenix

Phoenix, Arizona –  Altitude Trampoline Park will occupy more than 35,000-square-feet of space at Gilbert Towne Center, 701 N. Gilbert Rd. in Mesa.  This will be the company’s second trampoline park in Metro Phoenix and is scheduled to open in early fall.

“Altitude is a major player in this competitive wave of trampoline park brands and we were excited to assist Joseph Williams and the Altitude team in the expansion of the brand here in Metro Phoenix,” says Nick Ault, associate vice president with Colliers International in Greater Phoenix.  “This marks the company’s second location in the valley and we expect to see continued expansion here since the brand has already experienced great success in the city.”

Ault and Daniel Ortega of Colliers International worked in partnership with Joseph Williams of The Woodmont Company, Altitude’s master broker in the U.S., to represent Altitude Trampoline Park in its site identification and lease negotiations.  David Jarand and Erin Schrauth of Strategic Retail Group represented the owners of Gilbert Towne Center.

Altitude Trampoline Park will be located in 35,270-square-feet of space formerly occupied by Big Lots.  The company chose the Gilbert Towne Center space because the neighborhood shopping center is situated in an area densely populated by families and demographics well suited to their target market.

PHOENIX, ARIZONA – Romano Real Estate of Tucson announced this week the sale of the Pavilions Shopping Center in Mesa for $15.3 million ($123.07 PSF). The 129,601-square-foot mixed-use neighborhood retail center was built in 1986 on 10.41 acres of land located at 1837-1955 W Guadalupe Road in Mesa, Arizona, at the southeast corner of Dobson and Guadalupe Roads.

David Carroll and John Yarborough with Romano Real Estate Corporation represented the seller, Pavilions Shopping Center Limited Partnership, and David Jarand with Strategic Retail and West Valley Properties, Inc., dba West Valley Arizona represented the California investor, CP6PV, LLC.

The property sold 98% occupied with a variety of tenants that include five quality restaurants (including Native Grill & Wings, La Famiglia Pizza & Pasta, Barbeque House, and Pink Pepper Thai Cuisine), an event center, fitness & dance uses (including Anytime Fitness), furniture uses, both medical and office uses (including Banner Urgent Care), fashion boutiques, and several other complimentary uses.

The cap rate on 2018 scheduled income was 7.69%.

Romano Real Estate Corporation took over the leasing of the property in 2016 and leased nearly 37,000-square-feet in the Center bringing the occupancy level up to 98%. Many of the leases are still below market rents, allowing the investor a “Value Added” opportunity.

“The leasing effort lead to the sale of property,” said Carroll. “In 2016, when we took over the property, it was 75% occupied. We then leased approximately 32,000-square-feet at the center to ‘Amazon-proof’ type of tenants to bring it up to the stabilized 98% occupancy it sold at.”

Romano is active with other retail centers in the Phoenix and Tucson markets.

For more information, Carroll should be reached at 520.577.1000 ext. 7114 and Yarborough is at 520.577.1000 ext. 117.

SCOTTSDALE, AZ – Scottsdale-based developer SimonCRE purchased ±3.04 acres of land at the southeast corner of Williams Field Road and Val Vista Road and will develop three retail buildings totaling ±15,000-square-feet; a ±9,900-square-foot multi-tenant retail building, a 3,000-square-foot freestanding restaurant building, and a 3,009-square-foot freestanding building.

The site is located approximately one mile west of SanTan VIllage Shopping Center and SanTan Village Marketplace. The site is also within approximately one mile of the Loop 202 Santan Freeway to both the east and the south. SimonCRE plans to break ground on the new development October 1, 2016 with a completion date set for the end of the first quarter 2017.

“We’re excited to be part of this growing Gilbert trade area and to be nestled into the strong SanTan Village retail corridor,” said Joshua Simon, President of SimonCRE. “This development will bring an exciting new mix of tenants to the surrounding communities. There’s going to be great synergy between the retail, service, and dining options that will be joining this development.”

Prior to closing, SimonCRE signed leases with First Watch, a breakfast and lunch cafe, Herbal Nails & Spa, and Planet Subs to take space in the multi-tenant building. These tenants will occupy roughly 6,800 square feet and negotiations are currently ongoing for the remaining spaces.

Additionally, Bush’s Chicken, a Texas-based fast food restaurant founded in 1996 and specializing in marinated chicken, rolls, and sweet tea, signed a lease for the 3,000-square-foot freestanding building. This will be the first location outside of the state of Texas for the restaurant chain.

Blake’s Lotaburger also signed a lease for the 3,009-square-foot freestanding building. Founded and based in Albuquerque, New Mexico, Blake’s Lotaburger is synonymous with the Green Chile Cheeseburger. The chain has grown to 80 locations across New Mexico, Texas, and Arizona, however this will be the Valley’s first location.

Lance Umble and Torrey Briegel with Phoenix Commercial Advisors represented the seller in the purchase, and are representing SimonCRE in the lease transactions. David Jarand with Strategic Retail Group represented First Watch; David Uhles and Brian Gausden with Western Retail Advisors represented Planet Subs; Mark Sunkel with Core Realty Partners represented Blake’s Lotaburger; Jennifer Eggert with Orion Investment Real Estate represented Herbal Nails; and Chris Mueller with Reata Real Estate Services represented Bush’s Chicken.