For more retail coverage, click GlobeSt.com/RETAIL.
SCOTTSDALE, AZ-Big 5 Sporting Goods and Penzeys Spices have signed leases at Office Max Plaza at 3388 N. Hayden Rd. The two leases, which total 14,780 sf, bring the 120,000-sf center to 100% occupancy.
Big 5 Sporting Goods, which has several locations throughout the Phoenix Valley, took the former Walgreens anchor space that was vacated in 2003. The retailer signed a seven-year-lease for 12,500 sf, says Josh Gosnell, a broker with DeRito Partners who brokered the transaction. He tells GlobeSt.com that he worked on the Big 5 Sporting Goods lease for nearly a year before closing the deal.
Brookfield, WI-based Penzeys Spices 2,780-sf, five-year lease marks the gourmet retailer's entrance into the Valley, Gosnell says. The retailer, which offers gourmet spices, only has 22 locations in theUS.
"Their stores are destination locations," Gosnell says. "People drive from all over to go to Penzeys." To that end, Penzeys Spices was looking for a location that was accessible to Loop 101.
Office Max Plaza, which was built 10 years ago, has aquoted rental rate of $17 to $20 per sf.
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
Already have an account? Sign In Now
*May exclude premium content© 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.
