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Scottsdale-based commercial real estate developer, SimonCRE, purchased ±31,179 SF of land at the northeast corner of 21st Avenue & Northern Avenue and will develop a ±6,142 SF multi tenant retail building.
The building address is 2080 W. Northern Avenue. The site is located less than a half a mile east of the I-17 Freeway and is in close proximity to the light rail. SimonCRE plans to break ground on the multi tenant building July 10th with a completion date set for later this year.
“We have taken on many infill and adaptive reuse projects throughout the valley, including Tempe, Scottsdale and Phoenix.” said Joshua Simon, CEO of SimonCRE. “We are excited to bring another great project to Phoenix.”
Prior to closing, SimonCRE signed a lease with Caribou Coffee and Einstein's Bagels co-branded concept. Caribou and Einstein's Coffee & Bagels will occupy roughly 2,729 SF. There is no word yet on who is expected to join them in the multi-tenant building.
Brian Gausden with Western Retail Advisors represented the seller in the purchase. Michelle Gatti & Zach Pace of Phoenix Commercial Advisors represented SimonCRE and Matt Milinovich of Strategic Retail represented Caribou Coffee and Einstein's Bagels in the lease transaction.
