"In that North Scottsdale market, there are a couple of key freeway interchanges," Darren Pitts, a retail properties specialist with CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com. "Raintree has the biggest concentration of retail in the area." The site is located on the northwest corner of Raintree Drive and Loop 101, adjacent to a Kohl's department store.
Joe Walters plans to break ground in 60 days on a freestanding 10,000-sf building and a 15,000-sf strip-style building. Both buildings will feature a mix of national and local-credit tenants.
The site is Walters' first in the Phoenix market; he develops commercial properties throughout the southwest as well as in Kansas, including shopping centers, office buildings, warehouses and restaurants. The company is licensed to build in 42 states. "With the demographics and the incoming growth that there is in Scottsdale, it's a good opportunity," Walters says.
With its location in the middle of Scottsdale's burgeoning retail submarket, Walters will be taking advantage of the area's lower-than-market retail vacancies, which currently stand at about 9.7%, says Pitts. Andrews Design Group of Tempe is handling architectural duties on the retail site for Walters. Pitts represented Walters while Tom Treaccer represented himself in the land sale.
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