Project Fully Leased to Three National Retail Tenants
Tucson – February 4, 2015 – One year ago, Christian Faith Fellowship church sold its property at 5601 E. Broadway to local developer Broadway Festival, LLC.
Bill Viner and Steve Shenitzer head Broadway Festival. The development team had the site rezoned to redevelop it as a retail project. Now, almost exactly 12 months later, the site is fully leased, having secured three national tenants, and construction is underway.
“We are very excited about bringing this project to fruition so quickly,” said Shenitzer. “In just over a year from acquisition, the site boasts a superb tenant mix of El Pollo Loco, Blaze Fast Fire’d Pizza & Krispy Kreme Donuts, creating a premium array of delectables. It was a concerted effort from our team of leasing, legal, architect, engineer, contactor & lender professionals that made this a reality.”
The redevelopment of the former church is a boon to the community, as the new use brings the site onto the City’s tax rolls, will add jobs to the base, and puts a fresh-face on Broadway Boulevard.
Continued Shenitzer, “We are very pleased to be bringing these businesses for the area to enjoy, while at the same time substantially increasing the tax base & employment for all of Tucson to benefit from.”
According to Nancy McClure, a retail specialist with CBRE who partnered with John Ash on the marketing and leasing of the project, the highly anticipated redevelopment is consistent with overall retail trends in the Southern Arizona market.
“Redevelopment is a major driver for the Tucson retail market right now,” said McClure. “This is a prime location with proximity to the Park Place Mall – a hub where a lot of retailers and restaurants want to be. This is now one of several successful redevelopment projects down the Broadway corridor.”
5601 E. Broadway sits on approximately two acres on the north side of Broadway just east of Craycroft Road, and will soon be home to El Pollo Loco, Krispy Kreme and Blaze Fast Fire’d Pizza. The multi-tenant project is adjacent to the eastern boundary of 5555 Broadway, a successful retail redevelopment project that is home to Hobby Lobby, Stein Mart, Vitamin Shoppe, Mattress Firm, among others.
Adaptive reuse of sites, particularly those with excellent infill locations, is a trend that is expected to continue. McClure says the current lack of quality, available product means savvy developers with an eye for redevelopment opportunities are well positioned to attract top tenants.
“The high demand for core locations has already spurred redevelopment of existing properties with antiquated layouts and floor plates—barriers to entry will always make these prime locations the target of developers who understand how to buy and reposition these sites for today’s retailer rent parameters.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
