Business Real Estate Weekly & The P&Z Report
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info@brewaz.comBy Beverly Ford

GLENDALE, AZ-Long before the first bulldozer broke ground, Arrowhead Ranch Plaza was already 55% leased. For Ricky Lyons with property owner Scottsdale-based Champion Partners LLC, that was a good sign. “We feel we have a strong project and we’re very happy with that,” Lyons tells GlobeSt.com. Several major retailers, including Starbucks, Eckerd Drug and Sonic, are already committed to the $4.3-million specialty retail center with several more lining up to lease space.

Designed by Andrews Design Group of Tempe and built by Phoenix-based Wespac Construction Inc., the 70,000-sf retail center on the southeast corner of 59th Avenue and Union Hills Road, already has all the markings of success. Located within one mile of both Bell Road and the Loop 101 Freeway, the project is located within three miles from Arrowhead Towne Center and a short distance from Midwestern University, Honeywell and the Thunderbird International School of Management.

“It’s in an incredibly strong zip code area,” said Lyons, noting that the area’s high per-capita income coupled with its strategic location will allow the plaza to draw a strong mix of customers.

Currently under construction, the specialty retail center includes seven single-story masonry and tile retail shell buildings that will be anchored by a 14,129-sf Eckerd drug store. Other tenants will include a Quiznos sub shop, Nextcare health-care center, Avida Beauty Salon, Club Nails and Deer Valley Credit Union. The center’s stores are expected to open this fall. Mike Clark with CB Richard Ellis Inc. will serve as the leasing agent on the remaining 20,000 sf of shop space.
Read on www.globest.com