"You've got more than just a neighborhood center," Stephanie Davis, vice president of retail at Colliers International's Phoenix office, tells GlobeSt.com. "It's a high-end demographic with heavy growth in a lot of new homes and an upscale trade area."
Built in 2002, the Summit at Scottsdale is located on the northeast corner of Scottsdale Road and Ashler Hills Drive. The 321,822-sf center is anchored by a Target and Safeway Food & Drug.
California-based Leslie's Swimming Pool Supplies signed a five-year lease worth $360,000 for 3,066 sf. With several locations throughout Arizona, Leslie's is the first lease in a separate new pad building recently completed on the site, says Davis. Ladies Workout Express, a new franchise of a Florida-based company, also signed a five-year lease, worth $189,811 for a 1,348-sf space. The business specializes in 30-minute circuit training for women.
Montage School also committed for five years, crafting a $500,000 deal for 8,117 sf. The private school for pre-kindergarten through eighth grade presently is rehabilitating the space for a projected fall opening.
All three leases bring the center's occupancy to 86%, says Davis, who represented the owner, Donahue Schriber, along with Colliers agent Paul Holland. The Costa Mesa, CA-based REIT owns a handful of properties in the Phoenix area and claims a large presence in California. The Summit presently has one pad site remaining with six suites available for lease.
Location is monumental in garnering prospective tenants, says Davis, as retail vacancies regularly dip under 10% and growth continues to show strong numbers in the high-end area.
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