Brokerage team selected for Park Central in Phoenix

Park Central Mall is at 3121 N. Third Ave. in Phoenix. (Submitted photo)

Park Central’s brokerage team is in place as the first phase of the project is complete and leasing activity is accelerating at the property.

Margaret Lloyd, senior vice president-brokerage services, and Bill Cook, vice president-brokerage services with Plaza Companies are teaming up with Craig Coppola, Andrew Cheney and Gregg Kafka of Lee & Associates to manage office leasing for the project.

Ms. Lloyd and Mr. Cook will also team up with Brent Mallonee of Cushman and Wakefield on the retail and restaurant leasing for the property, according to a press release.

The project has already seen several key leases signed due to the work of the Plaza Companies brokerage team, with the vast majority of previous restaurant tenants renewing their leases at the property and the addition of Creighton University, The Nerdery, Zipps Sports Grill and other companies to the project.

The reimagined Park Central boasts a variety of contemporary office environments with indoor-outdoor spaces and a host of nearby amenities, which is drawing a lot of attention to the central Phoenix property.

“The combined expertise of the brokers involved with Park Central is significant and will help us capitalize on the significant momentum already surrounding Park Central,” Sharon Harper, president and CEO of Plaza Companies and one of the co-developers of the project, said in a prepared statement.

“We’re already seeing an incredible amount of interest in Park Central now that the first phase of construction is complete, and we are looking forward to continuing to welcome new companies to the project.”

Plaza Companies and Holualoa Companies have teamed up to redevelop Park Central Mall, which was the city’s first official large-scale shopping mall, a release claims.

The first 265,000 square feet of modernized office and retail is complete. While able to accommodate users of all sizes, Park Central boasts an 80,000-square-foot space, designed for high-density tenant seeking a large floorplate with light rail access and parking.

Park Central offers a high parking ratio of any project along Central Avenue. Leasing activity for office and retail space is ongoing at the project and interest has been strong in the newly revitalized property.

Stan Shafer, chief operating oficer of Holualoa Companies, said the interest in the project from a leasing standpoint has increased now that the first phase of construction is complete.

“We are excited about the opportunities currently under discussion with potential tenants and are looking forward to seeing what the leasing team can accomplish,” Mr. Shafer said in a prepared statement.

“Park Central is an ideal location for modern, innovative companies and we are pleased with the reception we have received in the real estate community.”

Lee and Associates Arizona has specialized in providing brokerage services to the industrial, office, retail, multifamily, investment and land sectors of the Phoenix commercial real estate market. The Phoenix office was established in 1991.

Park Central Mall opened in 1957 on Central Avenue. Over the years, Park Central Mall has seen many changes but the most recent facelift will maintain all original standing buildings with a new exterior and upgrades.

The new Park Central includes 450,000 square feet of Class A creative office and retail space available for lease with the ability to accommodate tenants ranging from 3,500 square feet to more than 100,000 square feet in size.

It features exclusive tenant patios, on-site restaurants and amenities, a mid-century modern design, 15-25 foot ceilings, bike path and light rail access and parking.

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