The following leases were reported during the week of June 16-20, 2014 for the Phoenix Lease Report:

RETAIL – 434 W. MAIN ST., MESA, AZ
Whipple Restoration signed a 2 year lease at 434 W. Main St., Meas, AZ. for 5,500-square feet of retail space. Adrienne Bryant and Jonvieve Bryant of Bryant Commercial Real Estate in Tempe represented the tenant in this transaction. The landlord was represented by Palm Court Investments, LLC. [mepr-show rules=”58038″]Lease rate: $12.00 PSF[/mepr-show]

RETAIL – 6007 N. 16^th STREET, PHOENIX, AZ
Gina’s Bakery signed a 3 year lease at 6007 N. 16^th St., Phoenix, AZ. for 1,080-square-feet of retail space. Adrienne Bryant and Jonvieve Bryant of Bryant Commercial Real Estate in Tempe represented the tenant in this transaction. The landlord was represented by Palm Court Investments, LLC. [mepr-show rules=”58038″]Lease rate: $18.00 PSF[/mepr-show]

RETAIL – 456 W. MAIN ST., MESA, AZ
AZ Communications signed a 1 year lease at 456 W. Main St., Meesa AZ. for 880-square-feet of retail space. . Adrienne Bryant and Jonvieve Bryant of Bryant Commercial Real Estate in Tempe represented the tenant in this transaction. The landlord was represented by Freeport Investments, LLC. [mepr-show rules=”58038″]Lease rate: $12.00 PSF[/mepr-show]

OFFICE – 600 E. BASELINE RD., TEMPE, AZ.
Legacy Consulting Group USA signed a 3 year lease at 600 E. Baseline Rd., Tempe, AZ. for 426-square-feet of office space. Thomas Bean of NAI Horizon represented the tenant in this transaction. The landlord was represented by the Richard and Lisa Lvicevic Family Trust. [mepr-show rules=”58038″]TENANT PHONE: 480-345-7777; Lease rate: $12.00 sq. ft.[/mepr-show]

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On Feb. 14 2013, investor E & S Irving, LLC (Edmund & Suzanne K Irving) paid $[mepr-show rules=”58038″]575,000 ($185.19 per foot) for the KFC restaurant at 1905 West Grant Rd, Tucson 85745 for this 3,105 sq. ft. building (built 2004) on .84 acres. The seller was Jack L Shettlesworth of Tucson.

The property was fully leased as a KFC restaurant to Stewart Brothers Properties, LLC of Oregon, the franchisee / operator. Stewart Bros. Properties, LLC is a privately held company, founded in 2007, that primarily operates in the Restaurants and Other Eating Places industry; it owns and operates 17 Kentucky Fried Chicken restaurants in various states. The company has leased the property since September 9, 2009, and has 7 years remaining on a 10 year triple net lease term and (1) 5-year renewal option; property sold with a 7.01% cap rate at closing and rent increases based upon Consumer Price Index.

Jerry Hawkins, 1st Vice President and Shannon Murphy, Associate Broker, both of CBRE of Tucson represented the seller and David Lee of David Lee Real Estate represented the investor.

For KFC franchisee information, contact (541) 273-4639. Jack Shettlesworth, the seller, is at (520) 747-2521. Todd Stewart, Principal, Stewart Brothers Properties, LLC can be reached at (541) 273-4639. Contact Jerry Hawkins at (520) 323-5109 and Shannon Murphy of CBRE at (520) 323-5105. For Edmund Irving contact his broker, David Lee at (520) 795-3199.

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