TEMPE, AZ – Cushman & Wakefield of Arizona is delivering a new Corner Bakery to Tempe Gateway, 222 S. Mill Avenue.
The 4,777-square-foot café/deli/bakery joins tenants that include Limelight Networks, Allstate, Waste Management, and Amazon at Tempe Gateway, which is now 99 percent occupied.
Summer Jackson of C&W’s retail group represented the landlord, Parkway Properties Inc., in the long-term lease transaction. Richard Francis of HeinzRich Companies LLC represented the tenant.
“We are very excited to announce the addition of Corner Bakery,” said Jackson, Associate Director at Cushman & Wakefield. “They will be an excellent amenity to the project and surrounding office complexes.”
Corner Bakery will occupy the northern end-cap of the retail space that fronts Mill Avenue. Plans call for a large patio to the north and east sides of the space. Corner Bakery offers freshly baked breads, a breakfast menu, homemade soups, pasta, salads, sandwiches as well as coffee and espresso.
Cushman & Wakefield has two additional retail spaces for lease at Tempe Gateway, 1,614 SF and 1,805 SF. Jerry Noble, Greg Mayer and Patrick Devine of C&W’s office group represent the landlord in leasing the office space at the property. Occupancy date of Corner Bakery is Oct. 1.
Lincoln Property Co. & Oaktree Purchase $58M Biltmore Commerce Center
PHOENIX, AZ– Office investment and management expert Lincoln Property Company (LPC) and funds managed by Oaktree Capital Management, L.P. (Oaktree) have completed the $58 million purchase of Biltmore Commerce Center, a Class A, institutional-quality office building located in the heart of Phoenix’s coveted Camelback Corridor.
The acquisition represents LPC’s second transaction in a partnership with Oaktree that has generated $102 million in metro Phoenix deal activity in a 60-day timeframe. These deals include the $58 million Biltmore Commerce Center acquisition and the $42.3 million, mid-February disposition of Camelback Square, a 174,917-square-foot, Class A office asset in Old Town Scottsdale. It also increases LPC’s Phoenix investment activity to more than $165 million in the last 60 days.
Located at 3200 E. Camelback Rd., on the northeast corner of Camelback Road and 32nd Street in Phoenix’s prominent Camelback Corridor, Biltmore Commerce Center is known for its copper metallic exterior and highly visible, street-facing water feature. The project totals three stories and 259,000 square feet, with efficient floorplates, ample above- and below-ground parking, and an 11,000-square-foot, newly remodeled three-story atrium running through the interior first floor.
The property is currently 93 percent leased to a diversified group of established tenants including HDR Engineering, Lee & Associates, United Way, Greystar, North American Title Company and Miller Russell & Associates.
“Phoenix has the lifestyle, the labor and the commercial real estate to generate upside value, drive demand and respond to tenant needs at almost any point of the real estate cycle,” said Lincoln Property Company’s Executive Vice President David Krumwiede, who directed the Biltmore Commerce Center investment purchase. “It’s an exciting dynamic to work in, particularly when you have a team that can see potential at any given point in the cycle, and use their investment, development and management skills to build on that potential. It leads to a lot of opportunity in many venues, including this latest, great portfolio addition.”
“One of the many strengths of Biltmore Commerce Center is the subterranean parking, which provides quick and direct access to all tenant floors via two separate elevator banks,” said Mark Jacobs, Managing Director with Oaktree Capital Management. “Tenants can go from their car to their office in less than 60 seconds, compared to five or 10 minutes for most buildings within the submarket. In addition, the location offers great visibility while providing quick and easy access without the high traffic congestion that other projects often experience.”
Additional project renovations and features include remodeled corridors and lobbies, upgraded landscaping and the new street-facing water feature. The property has earned an average 94-point Energy Star rating over the past six years. In 2012, it was named The Outstanding Building of the Year (TOBY) by the Building Owners and Managers Association (BOMA).
“The atrium has always been a unique element of the project, but has become even more valuable following a recent renovation that transformed it into a modern, collaborative space,” said Lincoln Property Company’s Vice President Amr Ceran. “The new atrium has stylish seating areas, a café and community tables, docking stations and water features. Its inviting character provides the opportunity for clients and team members to meet, for tenants to hold events, and an area where employees can relax. It’s one of the nicest spaces of its kind in Phoenix.”
Biltmore Commerce Center sits across the street from two retail projects with numerous dining, shopping and banking options, including Central Bistro, Wells Fargo, Bank of America, Mexx 32, Tarbell’s, Tommy V’s Osteria and Pizzeria, Tomaso’s and Hava Java Café. It is within one mile of the upscale, 600,000-square-foot Biltmore Fashion Park and the Arizona Biltmore Hotel and golf resort.
“This makes for a commanding asset that, with smart management, will only continue to grow in value and prestige – both for the ownership team and the tenants who lease here,” said Krumwiede.
Cushman & Wakefield’sChris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer represented the property seller, a venture between DPC Development Company and Bridge Investment Group. LPC Director of Management Services Alisa Timm will direct the project’s property management strategy.
According to Cushman & Wakefield data, the Camelback Corridor submarket posted 358,368-square-feet of leasing activity in 2014, with projects in the area experiencing record high lease rates and, in the case of the Camelback Corridor, sustaining double-digit rent growth.
For leasing information on Biltmore Commerce Center or to discuss additional investment opportunities, please contact David Krumwiede or Amr Ceran at (602) 912-8888.
OutboundEngine Latest Tech Tenant in Old Town Scottsdale
Submarket lures leading cloud-based marketing automation provider
PHOENIX, AZ –OutboundEngine, the 100 percent done-for-you email, social media and content marketing platform, to a new lease at 4110 N. Scottsdale Rd. in Old Town Scottsdale, a market that is becoming increasingly flush with high-tech and internet-related corporate office tenants.
Based in Austin, OutboundEngine specializes in content, email and social media marketing to drive engagement, leads and referrals. The company will use the new location as a regional sales and business development center, and plans to hire 60 employees over the next year.
“Phoenix has a vibrant economy that is attracting a great deal of top talent,” said Branndon Stewart, founder and CEO of OutboundEngine. “As we looked to expand our office and grow our sales team, the Phoenix area seemed like the ideal next step.”
“Scottsdale’s thriving downtown, quality education opportunities and urban lifestyle continues to attract growing companies like OutboundEngine,” said Scottsdale Mayor W.J. “Jim” Lane. “We find that tech companies from across the U.S. are discovering Scottsdale to be the place when they’re looking for a unique, business friendly community to locate and grow their corporate operations.”
“More and more companies are discovering opportunities in the Greater Phoenix region to expand their operations,” said Chris Camacho, President and CEO of the Greater Phoenix Economic Council. “Mayor Lane and his team, led by Danielle Casey, do a tremendous job emphasizing the benefits of living and working in Scottsdale. And the brokerage team at Jones Lang LaSalle has been pivotal in ensuring companies such as OutboundEngine find the right real estate solution in a thriving community.”
“Projects like the Galleria and Camelback Square are quickly filling with tech tenants looking for the same setting that attracted OutboundEngine,” said JLL Managing Director John Pierson, who represented OutboundEngine along with JLL Associate Trevor Pratt. “When it comes to the ideal mix of dining, entertainment and business synergy, Old Town Scottsdale offers a venue that is difficult to beat.”
Greg Mayer of Cushman and Wakefield represented the project landlord.
OutboundEngine is scheduled to move into its new space, at the corner of Scottsdale and Indian School roads, in April.