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GLENDALE, AZ-Glendale developer Stephens Land Co. is off and running on the Corte Freccia, a $5-million boutique retail/office property at the southeast corner of 67th Avenue and Loop 101. Nearly half of the 24,751-sf, two-story building has been pre-leased.

“The activity has been off the charts. There’s really a lack of office space in that part of town,” Tyler Smith, a senior associate with Grubb & Ellis/BRE Commercial’s Phoenix office, tells GlobeSt.com. The project’s leasing team, which includes Stephanie Hickok of Grubb & Ellis/BRE Commercial, is courting a mix of local and national tenants for the three-acre project.

Anticipated to open its doors for business in September, the class A Corte Freccia will feature 15,443 sf of first-floor retail space and 9,308 sf of upstairs office space. Tenants who have already signed on include Phoenix Financial Services,1,700 sf; Fidelity Title, 2,100 sf; and Oggi’s Pizza, 4,500 sf. Stephens Land Co. will open a 2,000-sf office in the building. Corte Freccia will hold nine tenants at full capacity. A 4,555-sf pad abutting the project site has been set aside for a Paradise Bakery, which has signed a 10-year lease with Stephens Land. Rents at Corte Freccia are expected to range from $23.50 per sf to $29.50 per sf while Paradise Bakery’s rent will likely reach $35 per sf because of its hard-corner location, says Merrell.

Stephens Land recently obtained a construction loan for slightly more than $4.3 million, getting a two-year term and 2% over prime interest rate from Johnson Capital Partners of Arizona LLC. “We’ve had a lot of infill that has been developed recently,” says Keaton Merrell, a loan officer at Johnson Capital. “I’ve seen deals get funded with a lot less pre-leasing.” Later this year, Johnson Capital expects to be sourcing a permanent loan for the mixed-use project and abutting pad site development, he says.

Brian Heintzelman with Grubb & Ellis/BRE Commercial negotiated the land acquisition for Stephens Land, which is planning similar developments in Glendale at the northwest corner of 59th Avenue and Union Hills and the northwest corner of 59th Avenue and Utopia.

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