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.

SCOTTSDALE, AZ – Scottsdale-based developer, SimonCRE, purchased ±31,179-square-feet of land at the northeast corner of 21st Avenue & Northern Avenue and will develop a ±6,142 SF multi-tenant retail building.

The building address is 2080 W. Northern Avenue. The site is located less than a half a mile east of the I-17 Freeway and is in close proximity to the light rail. SimonCRE plans to break ground on the multi-tenant building July 10th with a completion date set for later this year.

“We have taken on many infill and adaptive reuse projects throughout the valley, including Tempe, Scottsdale and Phoenix.” said Joshua Simon, President of SimonCRE. “We are excited to bring another great project to Phoenix.”

Prior to closing, SimonCRE signed a lease with Caribou Coffee and Einstein’s Bagels co-branded concept. Caribou and Einstein’s Coffee & Bagels will occupy roughly 2,729 SF. There is no word yet on who is expected to join them in the multi-tenant building.

Brian Gausden with Western Retail Advisors represented the seller in the purchase. Michelle Gatti & Zach Pace of Phoenix Commercial Advisors represented SimonCRE and Matt Milinovich of Strategic Retail represented Caribou Coffee and Einstein’s Bagels in the lease transaction.