The famous doughnut maker, known for its feather-light glazed treats, has three other sites in the Valley. The latest venue will open in second quarter 2002. John F. Long Properties, developer of Desert Sky Esplanade, will own and build the freestanding Krispy Kreme structure. The 25-year lease is valued at nearly $4.6 million.
Desert Sky Esplanade is located at the southwest corner of 75th Avenue and Encanto Boulevard, adjacent to the Desert Sky Mall. A Wal-Mart Supercenter, Lowe's, Staples, PetSmart and Lubitz Furniture anchor the retail center. An additional 30,000 sf of specialty shop space is still being leased.
Stephanie Davis and Paul Holland, both of Insignia/ESG's Phoenix office, represented John F. Long Properties in the transaction. Dan O'Toole of the Phoenix office of Commercial Real Estate negotiated on Krispy Kreme's behalf.
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