(For more retail coverage, click GlobeSt.com/RETAIL.)

MESA, AZ-A husband-and-wife team will open its third day-care location, tapping 7,700 sf in the 120,000-sf Guadalupe & Dobson Center. A five-year lease takes down half of Tutor Time’s space.

Kids Corner Preschool and Childcare LLC of Phoenix will move into the center at 2051 W. Guadalupe in the summer. “They took over a Tutor Time that had been out for about eight months,” Michelle Sosnick of Retail Brokers Inc.’s Phoenix office tells GlobeSt.com. “Tutor Time had taken 14,000 sf and they didn’t need that much space so they’re cutting it in half. Otherwise, there wasn’t a lot of TI work to be done.”

The center, owned by TMS-Guadalupe & Dobson Center LLC of Phoenix, is 70% leased. Anthony Grasso with Sunbelt of Phoenix East Valley in Tempe represented the owner. Sosnick, who partners with Danielle Davis, says the retail space is quoted at $15 per sf, with tenants paying $10 per sf for the first two years and $15 per sf for remaining terms.

Sosnick says the day-care provider is planning to add more locations, but doesn’t have another deal in the works now. The operator, she says, prefers older spaces ranging from 5,000 sf to 8,000 sf and with minimal tenant-improvement dollars.

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.