Western Retail Advisors Will Bring Whole Foods to the Heart of Scottsdale, AZ

Rachel Bliss 

PEORIA, AZ – On behalf of Miller Plaza LLC, Phoenix-based retail brokerage specialist Western Retail Advisors has completed a 35,222-square-foot lease that will bring a new Whole Foods store to Downtown East Shopping Center, located at Indian School and Miller roads in the heart of Scottsdale.

The store will become the fifth metro Phoenix location for Whole Foods, a leading natural and organic foods retailer.

 

Jack Jakosky

Downtown East is located at 7628 E. Indian School Rd., minutes from historic Old Town Scottsdale and the upscale Scottsdale Fashion Square. The 93,000-square-foot center is presently 75% leased.

Western Retail Advisors is currently working with several national tenants to take 16,000 square feet adjacent to Whole Foods, with those lease announcements expected soon.

Eric Termansen 

“The demographics of Old Town Scottsdale and its surrounding submarkets are exceptional, and they continue to improve,” said Jakosky Properties President, Jack Jakosky.

 “Tenants have recognized this and, as a result, are actively competing for opportunities to locate here. We are thrilled to welcome Whole Foods and expect to have more announcements like this over the next few months.”

Neil Board

 Whole Foods will replace an existing Fry’s Food Store, which has leased 50,000 square feet at the center for the past 48 years.

 Western Retail Advisors Founding Partner Eric Termansen and Partner Neil Board represented Whole Foods in the lease negotiations. Ryan Desmond and Rachel Bliss of Western Retail Advisors are the center’s new listing brokers and will actively pursue shop tenants and creative office users for the remaining 8,900 square feet of vacant space.

Ryan Desmond

 “This trade area has experienced a rapid increase in high-end residential density,” said Termansen. “As each new luxury vertical residential project comes online, demand rises for top-notch prepared foods, restaurants and specialty retailers.

Rendering of new Whole Foods store, Scottsdale, AZ

"The Whole Foods at Downtown East will serve this growing demographic and give shoppers from Scottsdale, Paradise Valley, Arcadia and other nearby communities a more convenient way to access the Whole Foods brand.”

 Austin-based Whole Foods operates more than 530 stores across the U.S., Canada and the U.K. This includes ten stores in Arizona – four of which are located in metro Phoenix (Tempe, Chandler, the Camelback Corridor and Paradise Valley).

  For more information on Downtown East leasing, please contact Desmond and Bliss at (602) 778-3747.

 CONTACT

Stacey Hershauer

480.600.0195

stacey@focusaz.com

 

 

The Real Estate Capital Institute® notes liquidity is back in the realty capital markets.

  

John Oharenko

Chicago, IL, May 1, 2024 – The Fed holds rates steady at the most recent meeting, noting a lack of progress on inflation.  Meanwhile, rates moved higher by about 30 basis points in April. 

  Despite eleven rate hikes since the end of the pandemic, liquidity is back in the realty capital markets.   Sidelined investors have grown impatient in waiting for commercial real estate prices to drop with increased interest rates. 

 

The absence of higher-quality acquisition opportunities forces investors to reenter the market based on the following realities cautiously:

Changing Benchmark Rate Expectations:   As rising consumer prices and tight employment levels continue to fuel inflation, investors brace for less relief from the Fed for lower rates.  Last month, benchmark rates nearly hit a half-year high, settling at about 4.70%.  As a result, funding sources adopt the "new normal" mortgage rates roughly double those seen a few years earlier.

 

Well-Capitalized Banks:  Unlike previous economic cycles, many banks, including the major money-center institutions, are well-capitalized with ample loan-loss reserves.  As a result, banks maintain more staying power in patiently working out distressed property loans.  Avoiding "panic selling," banks give well-heeled borrowers more latitude to stabilize cash flows to realize better pricing.

 Investment Rating Metrics:  Investors often consider BAA-rated bonds to have risk profiles similar to CRE debt investments.  These bonds are nearly equally priced with comparable CMBS debt, indicating that current [tighter] mortgage spreads align with yield expectations.   Current mortgage spreads range from 120 basis points to about 200 basis points over comparable benchmark treasuries for most types of stabilized properties.

 

Negative Leverage Expectations:  Prime CRE properties (mainly multifamily) often trade at capitalization rates with lower yields than mortgage rates.  However, investors believe more in returns during longer holding periods based on limited new construction and inflation protection expectations. 

 

The Real Estate Capital Institute's® director, John Oharenko, notes, "At the end of the day, the real estate capital markets behave like any other commodity with supply and demand fundamentals favoring a sellers' market.  Adding, "Institutional quality realty assets are always in high demand, based on a very sparse supply."

 

 

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields. 

 

CONTACT

John Oharenko, Executive Director

director@reci.com / www.reci.com

^The   Real Estate Capital Institute^®

Chicago, Illinois USA 60622

 

CrossMarc Services Named Exclusive Site Selection Representative for Tide Cleaners Laundry Chain in Central Florida and Tampa

 

Flavia Kanyago

WINTER PARK, FL – CrossMarc Services, has been named exclusive site selection representative for Tide Cleaners locations throughout Central Florida and Tampa.  The dry-cleaning and laundry services stores feature drive-through windows, order tracking, delivery service and fast check-out.  

 

Flavia Kanyago, Vice President of Sales and Leasing for CrossMarc, negotiated the exclusive representation agreement with local entrepreneurs Harry Mirpuri and Girish Mirpuri.  The brothers recently signed a development deal with Tide Services, a subsidiary of Cincinnati-based Procter & Gamble (NYSE:PG) to bring its Tide Cleaners concept to Central Florida.

John Crossman

“The laundry and dry-cleaning service is emerging as one of Florida’s dominant retail concepts,” said John Crossman, president of CrossMarc. 

 

Crossman said Kanyago will assess potential locations for site attributes that will facilitate the perks the service offers, including superior visibility, ingress/egress, signage, square footage for inline stores and acreage for free-standing units. 

 

The Mirpuris’ development agreement with Tide Services plans for 10 stores to open in Orlando and 10 in the Tampa region within the next five years. They are open to leasing or owning the locations and hope to have the first one operating by the first quarter of 2025 or sooner. 

 Currently 20 Tide Cleaners stores are operating in Florida, largely in the Southwest, South Florida and two in Tampa.  Customers can place orders to have clothes washed or dry-cleaned and other services using a smartphone app. 

 About CrossMarc Services

Founded in 2020, Winter Park-based CrossMarc Services specializes in commercial real estate services, including advisory, investment, brokerage, tenant rep and property management.  Clientele ranges from private clients and corporations to large institutional companies. For additional information visit

 

CONTACTS:

Flavia Kanyago, Vice President of Sales and Leasing, CrossMarc Services, LLC 407-794-9393 or Fkanyago@crossmarcservices.com

John Crossman, CCIM, CRX, President CrossMarc Services, LLC -

 407-794-9393 or jcrossman@crossmarcservices.com

 

Beth Payan, Managing Director, Larry Vershel Communications;

 407-461-3781 beth@larryvershel.com

  www.crossmarcservices.com