Phoenix, Ariz. – NAI Horizon’s retail team negotiated a long-term lease totaling $2 million on behalf of the tenant as Zipps Sports Grill joins the lineup of new businesses at iconic Park Central, which is undergoing major redevelopment in Midtown Phoenix.
The NAI Horizon Retail Properties team of Senior Vice Presidents Chris Gerow, Shelby Tworek, Gabe Ortega and Associate Patrick Anthon represented Zipps Park Central LLC of Scottsdale, Arizona.
Zipps, a popular restaurant and sports viewing venue across the Valley, will occupy 6,506 SF at Park Central, which totals 450,000 SF. It will join other eateries including Starbucks, First Watch, Jamba Juice, Fired Pie, Jimmy Johns, Pita Bistro, Kobalt Bar and Thai Basil at Park Central, 3110 N. Central Ave.
“The opportunity at Park Central represented a once-in-a-lifetime opportunity for Zipps to enter the downtown market,” Gerow said. “With a new student population from Creighton University and new residents filling the proposed apartments, it will serve as their local place to grab a bite to eat, watch a game or two and enjoy a beverage. It will be an ideal eatery to serve a new client base in Midtown Phoenix.”
One of the Valley’s original shopping destinations, Park Central Mall opened in 1957 and became the center of activity along Central Avenue. It has undergone a substantial facelift with nearly $60 million invested. All its original buildings still stand, and most have only cosmetic changes.
They are being repurposed into modern office and retail space. The mid-century-modern style of the past is evident in buildings that were constructed with some extraordinary architectural touches. All of these features will be at the center of the revitalized property.
The former low-rise mall is about to sprout a tower to house Creighton University’s $150 million medical school, a nine-story apartment building, new parking structure, an arts center to house 400, and outdoor shaded meeting spaces.
Plans also call for a 278-unit apartment complex that had been a parking lot. The owners of Park Central are also working with a potential developer to build a 200-room hotel on the premises. The phase will also include redevelopment of a 193,000 SF former department store into office and retail space.
To replace the parking lot, a community facilities district has been established to build a parking garage, which is scheduled to be completed in the third quarter of 2020.
Brent Mallonee of Cushman & Wakefield represented the landlord, HPPC, LLC of Peoria, Arizona.
About NAI Horizon
Exceptional global commercial real estate solutions begin with local market leadership and expertise. Established in 1992, NAI Horizon is a full-service commercial real estate company serving Arizona with offices located in Phoenix and Tucson. NAI Horizon is passionate about the commercial real estate business, providing Brokerage and Property Management Services for local, national and international clients. NAI Horizon is a member of the NAI Global commercial real estate network providing real estate solutions to 400 offices worldwide. For more information visit www.naihorizon.com.