PHOENIX-Evergreen Devco has decided to outsource the leasing of four shopping centers to the Grubb & Ellis Co. leasing team of Bill Finch and Alex Gonzalez.
Concentrated in the Phoenix metro area, the 596,000-square portfolio includes: Goodyear Centerpointe; Villago Marketplace; Anthem Marketplace at Merrill Ranch; and Sonoran Desert Village. Previously, Evergreen Devco handled the leasing for these centers in-house, according to Finch, a vice president in Grubb & Ellis’ retail group.
Finch and Gonzalez joined Grubb & Ellis in August 2010, and since then, the team has brought on more than 1.3 million retail leasing assignments including the Evergreen Devco gig. “We were both former in-house leasing people, and our brokerage model is to provide that in-house type of service on an outsourced basis,” Finch says. “In Evergreen Devco’s case, they wanted to outsource the leasing because they understand that a third-party brokerage firm will help them reach the biggest audience and cast the biggest net for tenants.”
Finch tells GlobeSt.com that the team will focus on curing the existing vacancies in the portfolio, along with replacing any underperforming tenants. Additionally, the duo will market outparcels for future shop space.
All four Evergreen Devco properties are relatively new – built between 2007 and 2008. Two properties, the 156,000-square-foot Villago Marketplace in Casa Grande and the 135,000-square-foot Anthem Marketplace in Florence, are grocery-anchored. The centers are 92% and 98% leased, respectively.
The 290,000-square-foot Goodyear Centerpointe, located in Goodyear, is a regional power center anchored by Toys ‘R’ Us and Babies ‘R’ Us. It is 98% leased.
The smallest center is Sonoran Desert Village, a 15,000-square-foot property that is part of a larger mixed-use development situated at the southwest corner of 27th Avenue and Carefree Highway. The 80% leased center is anchored by Walgreens, which is joined by Wells Fargo Bank N.A. and Street of New York.
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