"The space is on the side where it's not good space necessarily for retail, but better for a service use. It was a good fit," Gordon Raguse, a senior vice president with Grubb & Ellis/BRE Commercial in Phoenix, says of the 3131 E. Thunderbird Rd. shopping center.Karate for Kids, a subsidiary of Little Rock, AR-based American Taekwondo Association Inc., signed the deal with owner CNA Enterprises of Studio City, CA. The tenant had outgrown space in a nearby community center, prompting the move, Raguse tells GlobeSt.com. Tom Ellis of Ellis/Arnold & Associates of Phoenix represented the tenant in the negotiations.
The deal brings the 180,000-sf Mountainview, a 1970s-constructed facility, up to 90% occupancy. The Safeway grocery-anchored center was renovated seven years ago when CNA Enterprises bought it. Rents average $10.50 per sf triple net.
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