Phoenix – CBRE announced the firm has secured two leases at Mercado Del Rancho retail center in Scottsdale, Arizona, bringing the 89,506-square-foot shopping center to 100 percent occupancy. New tenants include YogaSix and V Jordan Salon.
Kerry Linthicum and Carol Schillne of CBRE in Phoenix represented the landlord/owner, Westwood Financial, in the lease negotiations.
YogaSix, a modern boutique yoga concept that is part of the Xponential Fitness suite of brands, will occupy 2,242 square feet. V Jordan Salon will open its first location at Mercado Del Rancho in a 1,902-square-foot space. Both tenants will open in the beginning of 2020.
Located at 930 E. Shea Blvd. in Scottsdale, Mercado Del Rancho is grocery-anchored by Sprouts Farmers Market and located across from HonorHealth Scottsdale Shea Medical Center. The new tenants join Chompies, AhiPoke Bowl, Chipotle, Starbucks, FedEx, a variety of health and wellness-related businesses, including Club Pilates, Orangetheory Fitness, Zen Reflexology, Nekter Juice Bar, and others.
“Boutique fitness, beauty other service-oriented retailers are thriving in the new age of retail,” said CBRE’s Linthicum. “On-the-go and health and wellness conscious consumers are seeking highly specialized concepts that cater to their specific interests and are convenient to the other places they grocery shop, dine out and shop. YogaSix and V Jordan Salon will certainly be welcomed by area residents and round out the tenancy of the center.”
The metro Phoenix retail vacancy declined for the sixth consecutive quarter to 8.0 percent at the end of Q3 2019, according to CBRE Research. More specifically, the Scottsdale submarket’s vacancy rate is the lowest in the Valley at 3.4 percent.
CBRE’s Linthicum and Schillne handle the retail leasing for several other local retail centers on behalf of Westwood Financial, including Village Plaza in Phoenix and Camelback Village, which they brought to full occupancy earlier in 2019 with the additions of Sugar Me Wax and Sassy Lashes.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
