PHOENIX-A children’s karate center signs a three-year lease for 2,600 sf, getting a rateo f about $10.50 per foot, for the Moutainview Marketplace space. An adjoining 1,300 sf, now vacant, could be tacked onto the lease in the near future.

“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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.