Church Turns Into Multi-Tenant Retail Development
- Mar 06, 2015
The relocation of the Christian Faith Fellowship Church to North Country Club Drive opened up a redevelopment opportunity at the religious organization’s former location at 5601 E. Broadway Boulevard.
A local developer under the entity Broadway Festival L.L.C. picked up the two-acre property and marked it out for a multi-tenant retail project with three freestanding pads, one of which has already secured its first tenant.
First Vice President Nancy McClure and Senior Associate John Ash of CBRE’s Tucson office represented the seller as well as the buyer in the negotiations. Ash also represented Christian Faith Fellowship in the $1.7 million acquisition of the 21,807-square-foot North Country Club church property.
Located on the north side of Broadway Blvd. at N. Leonora Ave., the rezoned site is directly adjacent to 5555 Broadway – the retail complex that is home to Hobby Lobby, Stein Mart, Vitamin Shoppe and Mattress Firm. The developer has started building its tenant base too, and signed a long-term ground lease agreement with El Pollo Loco for the western-most pad.
CBRE’s Ash, McClure and Associate Michael Laatsch of the company’s Retail Services department spoke for Broadway Festival in the transaction, while Neil Board and Brian Gausden with Western Retail represented the El Pollo Loco Corp. The rest of the site has also raised the interest of tenants and negotiations are underway, according to CBRE. Redevelopment of the site is slated to begin in early March.
Photo credits: Google Maps