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Avison Young negotiates three retail leases totaling nearly 35,000-sf in Phoenix area30 Sep 2021
Leases include Pure Patio at Surprise Towne Center in Surprise, AZ; Boot Barn at Sundance Towne Center in Buckeye, AZ; and Walk On's Sports Bistreaux at Gilbert Gateway Towne Center in Mesa, AZ
Phoenix, AZ – Avison Young announced today it has negotiated three retail leases totaling just under 35,000 square feet in the greater Phoenix market. The leases include Pure Patio at Surprise Towne Center in Surprise; Boot Barn at Sundance Towne Center in Buckeye; and Walk-On’s at Gilbert Gateway Towne Center in Mesa.
“Greater Phoenix continues to see strong demand from quality tenants to occupy well-located retail centers in high-growth areas including these three dominant shopping centers,” said James DeCremer, principal with Avison Young who is out of the firm’s Phoenix office. “While a number of retail markets across the United States are struggling, Arizona retail has been thriving, fueled mainly by strong population and employment growth.”
According to Avison Young’s Phoenix Q2 2021 Retail Insight Report retail leasing volume was up 22 percent from 2019 levels. Asking rents continued to rise in the second quarter, and overall have been trending upward since 2015, increasing by 14.9 percent over the past six years. Arizona is ranked fifth among U.S. states based on several key economic indicators, including consumer confidence and job market strength.
Following is information on each of the leases:
Pure Patio: Avison Young’s Matt Milinovich and James DeCremer represented the landlord, Vestar in the 9,462-sf lease with Pure Patio located within Surprise Towne Center at 13722 W Bell Road in Surprise. Mike Hirth with Keyser Co represented the tenant. This lease brings the center to 99.5% leased. The center is the dominant power center in the local area and is situated at the most heavily trafficked intersection in Arizona. The tenant plans to open before year-end. The one million sf center includes Walmart, Target, Lowe’s, OfficeMax, and Chick-fil-A, among others.
Boot Barn: Avison Young’s James DeCremer, Matt Milinovich and Alec Miller represented the landlord, ShinYen, in the 18,000-sf lease with Boot Barn located within Sundance Towne Center at 700 S Watson Road in Buckeye. Todd Folger with CBRE represented the tenant. This lease brings the center to 98% leased. The tenant plans to open for business in January 2022. Sundance Towne Centre is the dominate retail center in the local area and is within the City of Buckeye, one of the fastest growing cities in the U.S. The 700,000-sf power center includes Walmart, Lowe’s, PetSmart, Dollar Tree, and others.
Walk On's Sports Bistreaux: Avison Young’s Matt Milinovich, James DeCremer and Kristina Remon represented the landlord, Vestar/UBS in the 8,000-sf lease with Walk-On’s within the 800,000-sf Gilbert Gateway Towne Center located at 5110 S Power Road in Mesa. Chuck Wells and Justin DiBiase with Kidder Mathews represented the tenant. The center includes Target, Ross Dress for Less, Michael’s, Applebee’s and Chick-fil-A, among others. The Avison Young team currently has a number of lease proposals from other interested tenants at this trophy Southeast Valley asset.
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