Paul Honeycutt who negotiated the deal along with Bob Pearlstein and Max Bippus of CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com that the 1346 W. Southern Ave. location in the Continental Fiesta Plaza will give the second-hand merchandise reseller an upscale address at $12 per sf.

"The mall location across the street along with the high visibility and high-traffic flow was very appealing to them," said Honeycutt. Goodwill Industries, which will open the store in November, replaces Krause's Sofa Factory, which moved out of the space in July after filing for bankruptcy.

Honeycutt said Goodwill previously had signed a lease with the same firm to occupy another vacant Krause showroom in Scottsdale and were pleased with the space and location. When they heard there was another Krause location available, Goodwill moved so quickly that building owner, Glendora Landowners of Santa Monica, CA, didn't even have time to advertise the property.

"We put together a proposal, sent a listing agreement to the building owner g and while we were waiting for it to be signed, we heard Goodwill was possibly interested in that site," Honeycutt said. "The agreements literally crossed in the mail. As we were signing the listing agreement, we sent them an offer from Goodwill. It was very quick. We didn't even have time to put a sign up.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Leasing
Retail