David Glimcher, president of the Scottsdale, AZ-based company, says the $20-million project will go vertical in November, but it's already 90% preleased. He expects the project will be 100% leased when it opens in late 2008.
"This area of Chandler has been starved for new retail," Glimcher explains. "Obtaining approvals can be somewhat time-consuming so when something comes on line in a new area, there are people waiting to get in there." The development tract is being bought from a Las Vegas investor.
Tenants committing to the space are Break Masters Inc., Club Del Sol Tanning Inc., Country Kitchen International Inc., El Paso Bar B Que Co. Inc., Francis & Sons Auto Spa, Hungry Howie's Pizza & Subs Inc., Meshel's Salon, Tutor Time Learning Systems Inc. and Whataburger Restaurants LP. The quoted lease rate is $30 per sf to $35 per sf, triple net.
The Shoppes at Chandler Heights was designed by T-Squared Architects of Fresno, CA. The general contractor has not been selected.
Just last month, Glimcher broke ground on the $300-million Shoppes at Surprise Pointe, a 300-acre, theater-anchored development of retail and entertainment space. Glimcher tells GlobeSt.com that he has one more retail project in the pipeline for this year. "We're about a month away from revealing any details about the third site," he adds. "By the end of the year, we'll have three separate projects under construction."
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