Lease at Legacy Village marks the retailer’s first Phoenix location
Phoenix, AZ – January 27, 2015 – (RealEstateRama) — Westwood Financial Corp. (WFC), one of the largest privately held owner-operators of grocery-anchored retail properties in the United States, has announced the opening of Beall’s Outlet at WFC’s Legacy Village in Phoenix. Beall’s has signed a 10-year lease on a 20,000-square-foot space in the center, which will be the company’s 27th location to open in Arizona and its first in Phoenix.
“With an abundance of new activity in Phoenix, recovery is ramping up and the market is returning to its status as a target location for tenants,” said Katrina Nadres-Hurtado, vice president of asset management for WFC. “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.”
The apparel accessories and home decor outlet store—designed to serve customers of all ages and income levels—is now a part of the 40-unit, 136,966-square-foot Legacy Village center and joins a variety of national tenants including Target, Bank of America, Applebee’s and Starbucks. Located at 2030 East Baseline Road on one of Phoenix’s most dynamic intersections, the center was built in 2004 and is currently 85 percent leased.
“We’re seeing great opportunities in Arizona and have targeted this market for expansion,” said Jim Simpson, vice president of real estate at Beall’s Outlet Beall’s Outlet. “Legacy Village’s strong tenant base and high-traffic location made it the type of property ideal for us. With the center’s array of national retailers, we knew this was the right place for Beall’s to build a loyal customer base in Phoenix.”
Beall’s Outlet Stores, Inc. has 452 stores in 16 states and is looking to open a dozen more stores in Arizona as it expands its footprint over the next few years.
Beall’s Outlet was represented by Tim Westfall, managing director of Newmark Grubb Knight Frank, in this transaction. Nadres-Hurtado represented WFC in the lease.
About Westwood Financial Corp.
Westwood Financial Corp. (WFC) is one of the largest privately held owner-operators of retail properties in the U.S., with a track record spanning over 44 years. Founded in 1970, WFC is a fully integrated real estate investment firm that acquires, leases, and manages its portfolio of more than 115 shopping centers and retail properties in 26 metropolitan markets. The firm is based in Los Angeles, with satellite offices in Atlanta, Dallas and Scottsdale, Arizona. For general information, please visit www.westfin.com and for leasing and property information, please visit www.westfinleasing.com.
About Beall’s, Inc.
Beall’s, Inc. is the parent company of Beall’s Department Stores, Inc, Beall’s Outlet Stores, Inc., and Burke’s Outlet Stores, LLC. The corporation, through its subsidiaries, operates over 530 retail store sites across the southern and eastern United States with annual sales over one billion dollars. Since its modest beginnings in 1915 Beall’s has grown to be a major employer in the State of Florida as well as a valued asset to all the communities it serves throughout the country.
Headquartered in Bradenton Florida, the operating companies take advantage of resource sharing by utilizing functions provided by Beall’s, Inc., including Distribution, Finance, Information Systems, Loss Prevention and Human Resources. Conversely, each company has its own buying, product development, real estate, and advertising organization.