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SCOTTSDALE, AZ-Arizona Design Center, a collection of showrooms that sell wholesale to interior designers, has preleased 100,000 sf of a 140,000-sf, class A building in Riverwalk Arizona.
The 10-year deal is valued at nearly $19 million for Skokie, IL-based Alter Group, which is developing the 2.1-million-sf office and retail project. Riverwalk Arizona is situated on 187 acres on the Salt River Pima-Maricopa Indian Reservation off Loop 101 between Indian Bend Road and Via de Ventura.
Arizona Design Center will relocate from 2716 N. 68th St., which is a strip mall, says Tom Adelson of CB Richard Ellis Inc.'s Phoenix office. "They are ecstatic," he says. "To go from where they are now in a strip center to a new building like this at very little increase in rent--it's pretty amazing."
Adelson tells GlobeSt.com that Arizona Design Center had been looking for new space since 1999. "We're not like Dallas or Los Angeles where we have a cool warehouse district with a building that could be retrofitted," he explains.
The new structure, which will be sandwiched between office buildings to the north and retail space to the south, will be set up in four pods to accommodate small tenants. It will also feature a central atrium for events.
The Arizona Design Center will move into its new office in May. The remaining 40,000 sf is available for lease by other showroom design-oriented tenants. Tenants at the new Design Center at Riverwalk Arizona include Dean-Warren, Kravet/Lee Jofa, McNamera & Hirschman and Desert Traditions. "They're hoping that the new space will become a showplace for the design community," Adelson says.
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