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US Bancorp Inks $4M B-T-S Lease

PHOENIX-The Minneapolis-based bank pencils in a new 4,800-sf branch with a 20-year lease for the hard corner of Tatum Boulevard and Loop 101 in the 40-acre Desert Ridge. US Bancorp plans to open in summer 2005.

By Lee Simmons | Updated on July 06, 2004

PHOENIX-US Bancorp negotiates a 20-year lease for a 4,800-sf build-to-suit for a hard corner in the 40-acre, mixed-use Desert Ridge. The bank’s lease is valued at $3.5 million.

The Minneapolis-based bank plans to open the branch in summer 2005. “It has outstanding visibility in a very fast-growing residential and commercial neighborhood,” Bill Blake, a principal at Lee & Associates Arizona in Phoenix, tells GlobeSt.com about the hard corner of Tatum Boulevard and Loop 101. The bank will sit on the intersection’s northwest corner, directly across the street from a two-million-sf retail center.

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