Phoenix's Strength Luring Retailers Again
Retail, the property type that recessions like to pick on, is finally rebounding in Phoenix, Westwood Financial Corp VP of asset management Katrina Nadres-Hurtado tells us. Recently LA-based WFC, a major owner-operator of grocery-anchored retail, inked a 20k SF lease with Beall's Outlet at its Legacy Village in Phoenix. "The market is returning as a target location for tenants," she says.
It's the first Phoenix location for Beall's, an apparel and home decor outlet, though the chain has a sizable presence in other parts of Arizona. “The potential for future growth is certainly there, and tenants like Beall’s Outlet are capitalizing on the current climate to break into the market,” notes Katrina, who repped WFC in the deal. NGKF managing director Tim Westfall repped Beall's.