Phoenix, Arizona – November 1, 2017 – One of the most recognized grocery stores in Arizona was the A.J. Bayless Company; the American Grocer. Tradition that began in Joshua, Tennessee by the Bayless ancestors found their way to Arizona in 1917. By 1962, there were over 45 stores in the valley. The A.J. Bayless Markets, Inc. became known as the “trendsetter in its field,” according to the Bayless Collection from the Arizona Historical Society. Fast forward to almost 70 years later, this iconic property located off of 19th Avenue & Osborn Road, where one of the most recognized stores in the valley stood for 30 years is now undergoing a makeover with the new owners at Cole Valley Partners. It’s an evolution!
All property types are different but in theory real estate goes through a life cycle of growth, stability, decline and revitalization over time. In January of 2017, CVP- 19th & Osborn LLC bought the property located at 3345 N. 19th Avenue with the intention of repurposing the property to bring daily need operators who can service the trade area to the local community. “We invested to repurpose an approximately 20,000 anchor suite into three separate units for Dollar Tree, Family Dollar, and Milkweed Arts,” said new owner Zach Bonsall. The Director of Retail Leasing & Sales Investments, Rommie Mojahed with SVN Desert Commercial Advisors has been working with Cole Valley Partners for years. SVN Advisor, Beau Flahart and Eddie Gonzalez also play an equal role in the leasing assignments for the 30,000 square foot shopping center. The new tenant, Milkweed Arts joined the center back in September. Milkweed Arts will bring the neighborhood together to offer college level art education workshops for the residents living nearby.
“We are happy that we can provide the service to Zach Bonsall with CVP,” said Rommie Mojahed. “We are able to utilize our successful marketing & PR platform to maximize the exposure for this property.” When quantity meets quality! This is only the second of its kind in the U.S. where Dollar Tree and Family Dollar will “share a wall.” Zach Bonsall with Cole Valley Partners stated, “The approval process was challenging and ultimately the stores decided it was best to offer customers both product assortments in the same center.” The relationship between SVN and Cole Valley Partners is clearly based on trust. “We have sold him several shopping centers,” said Flahart. “Tenants are going to get the benefit of new blood and energy that comes along with national users.”
With the lowest vacancy rate in the retail sector this quarter, you can bet that this iconic property located across from St. Gregory’s Catholic School and down the street from Phoenix College will attract more people from the area. In short, the last two spaces available are a hot commodity and local business owner’s better act fast.
SVN | Desert Commercial Advisors is a full-service commercial real estate services firm providing comprehensive expertise in investment brokerage, leasing, landlord/tenant representation, analysis/valuation and market research. We specialize in multifamily, retail, office, medical/dental, and restaurant property types. Visit our website at www.SVNDesertCommercial.com for more information.
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Media Contact: Melissa Swader
melissa.swader@svn.com
