JACOR Partners has commenced construction on a +/-17,800 SF multitenant retail redevelopment project at the southwest corner of 31st Avenue and Peoria. JACOR rezoned the property prior to starting construction on the project last month, which was formerly home to a medical office building.
Chuck Wells and Lance Umble, of Phoenix Commercial Advisors are marketing the property for JACOR and have the project almost 90% preleased. Notable tenants include Verizon, Smashburger, Potbelly, and MOD Pizza. Other tenants remain under negotiation with one 2,437 square foot space available. The center also has two pads with national drive-through concepts under contract. The project features a common area space behind the center to provide for additional patio seating. Retailers and restaurateurs locating in this space will benefit from the density of the residential population, the strength of the daytime employment population, and heavy traffic counts. The location’s close proximity to I-17 adds to its appeal.
JACOR Partners’ Tom and Mike Auther along with Joe Jackson, are commercial real estate veterans with professional backgrounds including CB Richard Ellis. Dave Auther, brother to Tom and Mike, is also a partner at JACOR. Dave has a professional legal background. JACOR has worked successfully with Wells previously on a project near this one with Buffalo Wild Wings. “The market response and demand for new product in this trade area was not a big surprise to us, as we had multiple offers from users we were unable to accommodate” Wells explained. So, the current +/-17,800 square foot project made a lot of sense.
Tom Auther of JACOR Partners said that they saw the potential in the trade area for this new project. “We felt we had created some momentum in the area from the success of our first project, which included the QuikTrip, Raising Cane’s, Olive Garden, and Buffalo Wild Wings and we wanted to keep that going.”
Wells adds that he and Umble were able to promote the recent resurgence and success of the trade area, which began with JACOR Partners’ first redevelopment project down the street. That combined with JACOR Partners’ ability to understand and interpret the pulse of the market lead to the project’s success.
JACOR Partners, who say they are not tied to any one type of property redevelopment, continues to look for other possible retail, office, hotel, multifamily, and industrial projects. Delivery of this +/-17,800 square foot project is expected to be in the second quarter of 2014.