Phoenix, Ariz. – SVN Desert Commercial is known for their retail development projects over the years. The southeast valley is one of the most growing markets in the valley. With commercial projects construction on the rise, the intersection of Gilbert & Ocotillo is one of many projects in the southeast valley that Director of Retail Leasing & Sales Investments, Rommie Mojahad and senior advisor Beau Flahart are involved with. Not to mention, SVN Desert Commercial Advisors recently named this development SVN’s ‘2018 Deal of the Year’
The project began with a simple rendering of what the retail development could look like. The vision of this project came with many changes and opportunities for the type of tenants that could make up this new retail plaza. With hard work, CRE relationships, and confidence in the project, Mojahed and Flahart were able to lease out the remaining spaces in 2018.
Grubstak Ocotillo – 2,604 SF, Lease total – $1,025,976
Gather Loft Salon Suites – 6,320 SF, Lease total – $1,606,382
Flossophy Dental – 2,000 SF, Lease total – $878,068
AT & T – 10,000 SF, Lease total – $936,719
Advanced Orthodontics – 4,000 SF, Lease total – $1,561,006
Teriyaki Madness – 1,889 SF, Lease total – $837,087
The leases total approximately $6.85 million in lease transactions in just 2018 and approximately $12 million in total deals to lease out the entire retail development in two years. Landlords are bringing in more unique restaurant concepts to attract foot traffic. Most recently Grubstak joined the Ocotillo location, making its second location to the additional location they have in Chandler.
Mojahed has over 20 active listings in the southeast valley that he works on with his retail team of advisors, including Flahart. SVN Desert Commercial prides itself on building valuable relationships with retail and land developers. Investors will continue to look into boosting the economic development in the southeast valley moving in 2019.