Western Real Estate Business

OCT 2016

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

Issue link: https://westernrealestatebusiness.epubxp.com/i/732258

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Page 11 of 50

www.REBusinessOnline.com Western Real Estate Business • October 2016 • 9 With those key elements in mind, commercial real estate brokers have to weigh in all the demographic vari- ables that developers and landowners must consider before investing capital. This is about building relationships and creating trustworthy connections between the developers, the economic leaders and the commercial advisors responsible for finding the best mix of tenants in any development. The Shoppes of Chandler Heights was notably recognized as one of the biggest eye-soars in Chandler. It was a partially constructed retail devel- opment surrounded by acres of dirt. The SVN team knew this property had the potential to become a viable investment property simply due to the location and its surroundings. The team simply needed to find the right developer to believe in it as much as they did. The project needed to be something very complementary to the residential area. Jim Horvath with the Shoppes at Chandler Heights LLC/ABT., Inc. purchased the multi-million-dollar property in January 2016. It is now known as Chandler Crossings. Chandler Crossings is now touted as one of the greatest Cinderella sto- ries of retail development in Chandler history. Residents who once com- plained the property was an eyesore will soon have the opportunity to take a seat at Blue 32 Sports Grill to watch football on Sundays. Nearby residents and Millennial shoppers will also get to enjoy some of the other retailers moving into this mixed-use space, which totals about 74,000 square feet. This includes everything from retail offerings of 1,440 square feet for Jen- ny's Nails & Spa to 4,800 square feet for East Valley School of Music and even an 8,700-square-foot space for Synergy Personal Training facility. Austin-based Alamo Cinema Draft House will take up 35,000 square feet, while Dairy Queen will occupy anoth- er 3,000 square feet. Basis Charter Schools opened at Chandler Crossings just in time for the school year to begin as well. SVN Advisors sold the properties to the charter school back in January of 2016. The two-story school has about 70,000 square feet at this location, with plen- ty of space for more educational pro- grams. The new location is closer to where many of the students' families live, providing a great resource to this growing population. There has been and continues to be significant residential development in this area, thanks to high household in- comes, a highly educated workforce, a great school system and overall excel- lent quality of life. Clear across the valley is Green- way Marketplace in Surprise, anoth- er promising development that just broke ground on July 5. Developers Bill Sladek and Pete Simms also pur- chased the property at the beginning of the year after searching high and low all over the valley for the last several years for their Dairy Queen business. The duo was drawn to the area due to the high population of se- niors, young families, professionals at lunchtime and teens after school (and as employees). Like most of America, Arizona consumers are looking for the most convenient shopping experiences. Health, beauty and fitness are the largest new businesses expanding in traditional shopping centers. This translates to healthcare centers, medi- cal offices, gyms and hair salons situ- ated in plazas anchored by grocery stores. Greenway Marketplace sits directly across from a Walmart Neigh- borhood Market that's surrounded by a dance studio, nail salon, Farmers Insurance agency, Barro's Pizza and a Rivas Mexican food restaurant. The new Dairy Queen is slated to open in December. This signalized street corner loca- tion is surrounded by four large high schools and the Surprise Tennis & Racquet Complex, which hosts a stop on the Champions Tour. Greenway Marketplace is also within two miles of the Surprise Stadium, which hosts events from Movie Night in the Park, teen dodgeball tournaments, soccer tournaments, haunted mazes and rec- reational nights. The stadium is also the spring training home of the Kan- sas City Royals, Texas Rangers and the Arizona Fall League's Surprise Saguaros. Grocery-anchored shopping cen- ters provide convenience and satisfy The Shoppes at Chandler Heights sat partially constructed for years. New owner Jim Horvath has begun adding a new tenant mix to the upscale lifestyle entertainment development now calledChandler Crossings. Construction at Greenway Marketplace located at 15403 W. Greenway Rd. in Surprise, Ariz. • 3 Retail Centers Under Development First center to open November 2016 anchored by King Soopers. • 4 Additional Prime Retail Sites Available Strong traffic counts, available utilities and zoned for commercial development. • $109,000 Average Household Income and a population of 23,000 Income and population growing at a faster rate than the region. • Highly Educated 57% of Erie residents are college graduates. • Median Age 36 Growing families, young professionals, and active adults are drawn to our panoramic location, scenic trails, championship golf course, recreational activities and over 300 days of sunshine per year. ERIE COLORADO your customers are already here CONTACT US! pmehle@erieco.gov or 303-926-2769 For more information visit: www.erieco.gov/economic_development

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