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$5M Boutique Mixed-Use Project Breaks Ground

GLENDALE, AZ-The Corte Freccia, a class A retail and office project, gets off the ground with a $4.3-million loan and nearly 50% pre-leasing. The 24,751-sf building is set to doors in September.

By Lee Simmons | Updated on April 27, 2004

GLENDALE, AZ-Glendale developer Stephens Land Co. is off and running on the Corte Freccia, a $5-million boutique retail/office property at the southeast corner of 67th Avenue and Loop 101. Nearly half of the 24,751-sf, two-story building has been pre-leased.

“The activity has been off the charts. There’s really a lack of office space in that part of town,” Tyler Smith, a senior associate with Grubb & Ellis/BRE Commercial’s Phoenix office, tells GlobeSt.com. The project’s leasing team, which includes Stephanie Hickok of Grubb & Ellis/BRE Commercial, is courting a mix of local and national tenants for the three-acre project.

Anticipated to open its doors for business in September, the class A Corte Freccia will feature 15,443 sf of first-floor retail space and 9,308 sf of upstairs office space. Tenants who have already signed on include Phoenix Financial Services,1,700 sf; Fidelity Title, 2,100 sf; and Oggi’s Pizza, 4,500 sf. Stephens Land Co. will open a 2,000-sf office in the building. Corte Freccia will hold nine tenants at full capacity. A 4,555-sf pad abutting the project site has been set aside for a Paradise Bakery, which has signed a 10-year lease with Stephens Land. Rents at Corte Freccia are expected to range from $23.50 per sf to $29.50 per sf while Paradise Bakery’s rent will likely reach $35 per sf because of its hard-corner location, says Merrell.

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