Lee & Associates Close Tuft & Needle HQ building in Phoenix for $8.73 million

Tuft & Needle, 701 N. Grand Ave. Phoenix, AZ

PHOENIX, Arizona Lee & Associates Arizona announced today that the Fincham Dempsey Team has arranged the sale of the Tuft & Needle Corporate Headquarters and retail showroom building for $8.73 million. Jan Fincham and Patrick Dempsey facilitated the transaction on behalf of the seller, SimonCRE Chisum III, an entity of Scottsdale-based developer SimonCRE. The buyer, Retail Realty Fund was represented by Property Group International.

Located in Downtown Phoenix at 701 N. Grand Ave., the 36,000-square-foot historic building was originally constructed in 1917 and served as home to the O.S. Stapley hardware store, which closed in 1962. The building was later used as an appliance store, industrial repair and car shop before being shuttered and then brought back to life most recently as a retail showroom and office space.

The property was purchased in 2012 by SimonCRE, and was renovated as an adaptive re-use creative office space for the headquarters of Tuft & Needle, a Phoenix-based e-commerce and manufacturing company founded by Daehee Park and John-Thomas Marino.

“The Tuft & Needle building was attractive to the investor because of the quality adaptive re-use renovation by SimonCRE, the stability of a long-term lease to nationally recognized tenant Tuft & Needle, and the location in the heart of the vibrant Downtown Phoenix Redevelopment Area,” said Fincham.

This was just one of several properties that SimonCRE owns in the area. The developer also owns a 5,000-square-foot redevelopment project adjacent to Tuft & Needle, and recently closed on the 8,800-square-foot former Paper Heart Gallery at Grand Avenue and Polk Street.

“This sale really shows the strength of the Grand Avenue District and the demand in the area,” said Joshua Simon, Founder and CEO of SimonCRE. “We’re hoping that this district begins to emerge as a vibrant hub similar to Roosevelt Row.”

Between 2004 and 2017 more than $5 billion of private and public capital was invested in Downtown Phoenix, creating a vibrant urban core with a revitalizing live-work-play environment that attracts about six million visitors to the area’s arts, sports, cultural, hospitality and entertainment venues each year.

 




Pueblo Point Shopping Center in North Phoenix Sells for $11M

PHOENIX, Arizona – Lee & Associates Arizona announced today that the Fincham Dempsey Team arranged the sale of the 54,430-square-foot Pueblo Point Shopping Center for $11 million ($202 PSF). Principals Jan Fincham and Patrick Dempsey, along with associate Andrew Lundahl, facilitated the transaction on behalf of the seller, Arneil Pueblo, LLC., and the buyer, Paradise Valley Ventures, LLC.

Located at 13801 North Tatum Boulevard, the 5.46-acre shopping center includes Smart & Final Extra Grocery store, Domino’s Pizza, The UPS store and an Ace Hardware store, which is not a part of the sale.

“Pueblo Point shopping center is attractive to investors because of its strategic location in North Phoenix, just north of the Paradise Valley Mall. The property sits in an infill location with significant barriers to entry for any new future retail development, ensuring the stability and long-term success of Pueblo Point Shopping Center,” said Fincham.

“Additionally, the property enjoys attractive demographics with over 220,000 residents within a 5 mile radius with significant annual house hold income of more than $92,000,” said Dempsey.

For more information, visit www.leearizona.com or contact Fincham at 602.954.3754 or Dempsey at 602.954.3772.




Scottsdale Business Center Sells for $7.3M in Potential Redevelopment Opportunity

SCOTTSDALE, AZ –  The Fincham Dempsey Team at Lee & Associates Arizona is pleased to announce the sale of the 56,439-square-foot Scottsdale Business Center, 13402 N. Scottsdale Rd., Scottsdale, for $7.3 million ($129 PSF). The 4.27-acre property is a potential redevelopment opportunity located in the prestigious Scottsdale Airpark.

The team, led by Principals Jan Fincham, Patrick Dempsey, Mark Linsalata and Associate, Andrew Lundahl, facilitated the transaction on behalf of both the seller, Arizona SBC LLC, and the buyer, Dunbar SBC LLC. Michael Kitlica with Cushman & Wakefield consulted for the buyer.

The Scottsdale Business Center consists of two, single-story brick construction buildings totaling 56,439 square feet in size. Built in 1985, the property is located in the Scottsdale Airpark, one of Arizona’s largest employment centers with over two million square feet of commercial space and home to over 2,500 businesses. The property offers Scottsdale Road frontage as well as access to three different freeway interchanges within two miles of the asset.

“Scottsdale Business Center is attractive to investors because of its strategic location in the Scottsdale Airpark and is in close proximity to restaurants, shopping and entertainment at Kierland Commons and Scottsdale Quarter one mile to the north,” said Fincham. “Additionally, the property enjoys attractive demographics with over 194,000 residents within a 5-mile radius and 178,000 daytime employees with 15,000 businesses,” said Dempsey.

“Dunbar Real Estate Investment Management acquired Scottsdale Business Center to add to its already impressive holdings within the Scottsdale Airpark. This asset is currently undergoing a complete and total renovation to attract both retail and office tenants that covet contemporary building finishes along with Scottsdale Road frontage,” said Kitlica.

For more information, Fincham can be reached at 602.954.3754, Dempsey is at 602.954.3772, Linsalata can be called at 602.912.3539; and Lundahl  can be contacted at 602.385.3799.