SCOTTSDALE, Arizona – Located on the outskirts of Old Town Scottsdale and minutes from Tempe, the property is well-situated to serve a dynamic trade area with a strong population base. Selling for $1,492,460 this is a ±4,200 square foot retail redevelopment opportunity. ORION Investment Real Estate represented SimonCRE in leasing the building to tenant Bush’s Chicken. SimonCRE acquired the building and is doing major renovations. Expected opening date is summer of 2017.

“This is a great redevelopment opportunity in a very active Scottsdale trade area,” said Joshua Simon, President of SimonCRE. “And we’re excited to add a fresh, new tenant like Bush’s Chicken to the list of exciting restaurants and retailers in the area.”

The Buyer, SimonCRE, was represented by Tim Gunnink and Andrew Harrison at ORION Investment Real Estate. The Seller was represented by Astria Realty. Tim Gunnink and Michael Achtman at ORION and SimonCRE secured the lease to Bush’s Chicken. Lance Umble at Phoenix Commercial Advisors represented the tenant.

“It was a pleasure to work with an active developer such as SimonCRE on this project,” said Michael Achtman, Senior Associate at ORION. “The trade area south of Old Town is going through a renaissance and we are happy to be a part of it. 7111 East Thomas will undergo a massive remodel, which will complement the already strong tenant lineup of retail at the intersection. Bush’s Chicken will join a powerhouse of retail tenants, including Starbucks, Panda Express, Chase, McDonald’s, and Taco Bell to name a few,” continued Achtman.

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.

The following commercial leases were reported to the Real Estate Daily News for the Phoenix Lease Report from February 8 thru 12, 2016

OFFICE – 13610 N. BLACK CANYON HIGHWAY, PHOENIX
An Atlanta-area healthcare information management firm signed a long-term, 55,000-sqaure-feet office lease at Metro North Corporate Park, 13610 N. Black Canyon Highway, Phoenix. The company is expected to occupy the space in March or April, 2016. Plans call for a back office space with a 500-seat call center. Steve Farrell, Principal with Lee & Associates negotiated the transaction with assistance from Scotland Wright Associates, Atlanta, GA. Ray Cashen of Cashen Realty Advisors, Phoenix, represented the lessor. “The Metro North facility offered significant expansion opportunities over the lease term and provided parking solutions for their expected growth,” said Farrell.  HealthPort is the nation’s largest provider of release of information (ROI) services and audit management and tracking technology for hospitals, health systems, physician practices and clinics to process and fulfill medical record requests and maintain compliance.  Metro North Business Park, Building A is a 302,507-square-foot office building featuring a generous 10:1,000 parking ratio, is close to many area restaurants and hospitality venues and has a strong presence along the I-17 Freeway.

RETAIL – 596 E GERMANN RD., GILBERT
The Arizona family-owned company, Potato Barn has locations in Scottsdale, Mesa, and Gilbert.  The most recent deal included adding another 19,108-square-feet to the pre-existing 35,000-square-feet to its original outlet location at 596 E. Germann Rd. in Gilbert.  Potato Barn owner, Mike Bongiorno said, “We are very excited to be expanding in Gilbert.  This Potato Barn Outlet location has exceeded our expectation and we now are considering opening Friday’s.”  The outlet is currently open on Saturdays from 10AM – 6PM.  “We appreciate all the support from the community and look forward to growing in Gilbert,” Bongiorno feels the outlet may have to be open to the public another day. The tenant rep deal involved, Kyle Westfall with JLL, who represented the Landlord and SVN Desert Commercial Advisors, Mary Nollenberger and Rommie Mojahed represented the tenant, Potato Barn. “Potato Barn has experienced tremendous growth. They offer a unique product at the very lowest price,” Mojahad said.  “Their original location was a barn, and now they have locations in regional power centers in Gilbert, Scottsdale, and Mesa.”

INDUSTRIAL – 2546 W. BIRCHWOOD AVE., MESA
Arch Nutraceuticals, Manhattan, KS, signed a 20,300-square-foot, 5-year-plus lease at Broadway Business Park, 2546 W. Birchwood Ave, Mesa. Marc Pierce of Lee & Associates represented Arch Nutraceuticals while James Harper and Pete Klees of Cushman & Wakefield represented the lessor, Anderson Team III, LLC, Tempe. Built in 1998, the 40,628-square-foot warehouse building features heavy power, 16’- 18’ clear height, 4 drive-ins and 4 exterior docks. The building is located a few blocks east of the Loop 101 and evenly between the Loop 202 and US 60.

INDUSTRIAL – 222 S. DATE ST., MESA
Goodman Distribution Inc., Houston, TX, a distributor of wholesale HVAC products and equipment, renewed their lease for 30,972-square-feet for an additional 60-months at 222 S. Date St., Mesa. Lee & Associates Principal Marc Pierce represented the landlord, Date St. Properties, while Will Strong with Cushman & Wakefield and Anthony Fritsche with Fritsche Anderson Realty Partners, Houston, TX represented Goodman. The industrial manufacturing building, built in 1977 features 18’ clear height, heavy power and two drive-in doors. It is close to both the Loop 101 and 202 freeways.

RETAIL – 10405 N. 31^st AVE., PHOENIX
Brian & Tom Woods of Collier, represented Famous Footwear on a 10-year lease with ACP Metro Towne Center, LLC at the SWC 28^th Drive and Peoria Avenue, 10405 N. 31^st Ave. Phoenix, AZ, 85051 for 8,002-square-feet.  Newmark Grubb Knight Frank, Tim Westfall and Ryan Moroney represented the Landlord.

RETAIL – 2920 E. GERMANN RD., CHANDLER
Brian & Tom Woods of Collier, represented Vestar Development on a 10-year lease with Mattress Firm at Crossroads Towne Center 2920 E. Germann Road, Chandler, AZ, 85286 for 6,527-square-feet.  Velocity Retail Group, Michael Clark represented the Tenant.

RETAIL – 245 E. BELL RD., PHOENIZ
Brian & Tom Woods of Collier, represented Nexus Development on a 10-year lease with Chronic Tacos at Bell Towne Plaza, 245 E. Bell Road, Suite A-2, Phoenix, AZ, 85022 for 2,223-square-feet.  Keyser, Mike Leonard, represented the Tenant.

RETAIL – 1245 W. CHANDLER BLVD., CHANDLER
Brian & Tom Woods of Collier, represented Chandler Alma School Partners, LLC on a 10-year lease with Starbucks at the SWC of Chandler Blvd & Alma School Road, 1245 W. Chandler Blvd, Chandler, AZ, 85224 for 1,800-square-feet.  Phoenix Commercial Advisors Lance Umble represented the Tenant.