Real Estate News
Parallel Capital Partners Inks Lease Deal With Global Architectural Firm At Arizona Center
San Diego-based Parallel Capital Partners, Inc. has announced $8 million in retail and commercial lease deals at Phoenix's iconic mixed-use hub, Arizona Center - including an 11-year lease renewal spanning 22,858 square feet with global architectural and design firm, SmithGroup.
Expanding Arizona's Center's growing mix of retail options are a new 1,276-square-foot Jersey Mike's sandwich shop and a 459-square-foot boutique shop, Made on Planet Earth, which curates unique items from around the globe.
"We are thrilled to have SmithGroup - a global leader in integrated design - continue its operations here at Arizona Center," said Matt Root, managing partner for Parallel Capital Partners, which owns and manages the center. "These latest transactions are a testament to the optimal location and amenities of this downtown centerpiece. As we continue to add retail and commercial tenants, Arizona Center will become an even bigger hub for business, entertainment, shopping and so much more."
Brett Abramson of JLL represented Parallel Capital Partners and Andrew Cheney of Lee & Associates represented SmithGroup. Brent Mallonee of Cushman & Wakefield represented Parallel on the retail leases.
Downtown Phoenix's original entertainment destination, the newly rehabbed Arizona Center spans one million square feet, occupying 16-acres at the intersection of 3rd Street and Van Buren. Parallel Capital Partners acquired the property in 2015 and immediately embarked on a $25 million makeover.
According to Root, more recent upgrades to the multi-use center include the installation of state-of-the-art Plasma Air bipolar ionization air filtration systems, designed to proactively attack pathogens via positively and negatively charged oxygen ions - significantly improving air quality. Improvements to Arizona Center have also included opening up the property to surrounding streets - creating a more integrated downtown experience - new modern colors, outdoor furnishings and lounge areas, modern shade structures, new landscape and water features, additional lighting and illuminated signage.
About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. is a private, fully integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets west of the Mississippi, including Hawaii. For more information visit www.parallelcapitalpartners.com.
