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GILBERT, AZ-A movie theater company's signing of a 15-year lease has fired up plans to begin construction on the third phase for the 1.3-million-sf Crossroads Towne Center. Work on the 16-screen, 55,402-sf theater will begin in the summer.

Harkins Theatres, headquartered in nearby Scottsdale, plans to open in March 2007. Phoenix-based Vestar Development Co. carved out a 20-acre site from its 140-acre development for the expansion, which will include an additional 25,000 sf of retail space. Additional construction underway in the town center project, located at the southeast corner of Gilbert and Germann roads, is a 105,000-sf Home Depot, scheduled to open in first quarter 2007, and an 80,000-sf Mervyns, which will open this fall.

Harkins Theatres used Eric Termansen with Phoenix-based Western Retail Advisors LLC to negotiate its terms. Tom Woods and Brian Woods with Colliers International Inc.'s Phoenix office represented the developer, Vestar CTC Chandler LLC.

Tom Woods, Colliers' senior vice president, says the retail space is on the market for $38 per sf, per year net. "Almost all of the retail in this phase is preleased. Letters of intent and lease contracts are out there," he tells GlobeSt.com. "It'll been 100% leased before its opening."

Crossroads Towne Center, positioned at the intersection of Loop 202 and Gilbert Road at the Gilbert-Chandler line, began to come out of the ground in early 2004. Its roster includes Super Target, Wal-Mart Supercenter, Barnes & Noble, In-N-Out Burger, Chick-fil-A, Chili's and Applebee's.

Instant Insights /

15-Year Theater Deal Triggers Crossroads' Expansion

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