Newmark Secures Office and Retail Leases at New Mixed-Use Development in Scottsdale, Arizona

June 28, 2022 9:00 AM

Newmark[1] announces the completion of two leases at Scottsdale Entrada, a new 30-acre mixed-use development in Scottsdale, Arizona. Newmark Executive Managing Director and Phoenix Market Leader Mike Garlick serves as the exclusive leasing advisor for the property and represented the ownership, a joint venture between Banyan Residential, and Bridge Investment Group in the two transactions.

The first lease was signed with Northwestern Mutual. The tenant was represented by Scott Maxwell at Cresa. The second lease was with Daily Drop Coffee.

Located at the northeast corner of 64th Street and McDowell Road, Scottsdale Entrada provides tenants and visitors state-of-the-art amenities in a true mixed-use campus environment. The largest urban infill mixed-use development in Metro Phoenix, Scottsdale Entrada's recently delivered first phase features which comprises approximately 252,359 square feet of Class A office space, 220 multifamily units and 7,000 square feet of retail space along with inviting outdoor spaces, vibrant landscaping and multi-use biking and walking paths. The project's second phase will include 515 additional multifamily units and is scheduled for delivery in early 2023.

"We are very excited to bring this unique mixed-use project to market with the completion of Phase I and to build on the momentum of the first round of tenants having moved in earlier this month. The project's offerings, specifically the on-site amenities, are unlike anything currently on the market," Banyan Residential Partner Max Friedman.

Scottsdale Entrada's three-story, 252,239-square-foot office building was designed by global architecture firm SmithGroup. The unique work environment offers a tenant rooftop amenity deck, ample collaboration areas and conference rooms, an on-site fitness facility with showers and lockers, a large outdoor "Village Green" park area with dog park, exclusive tenant terraces, bike and scooter facilities and structured parking at a ratio of 5.0 per 1,000 square feet. Additional building features include highly visible tenant signage and oversized floor plates ranging from approximately 70,000 to approximately 90,000 square feet.

"We are honored to lease this exciting new mixed-use project," said Garlick, "With best-in-class space, 360-degree panoramic views, distinguished architectural design, indoor and outdoor amenities, and the largest floor plates in the Scottsdale submarket, the asset has already generated strong leasing momentum."

Scottsdale Entrada is located in the prestigious Scottsdale South submarket, offering convenient access to Loop 202, Loop 101, Arizona State Route 143 and Phoenix Sky Harbor International Airport. The pedestrian friendly area also provides easy access for walkers, bikes and scooters. Nearby attractions include the Giants Papago Sports Complex, Papago Park, Desert Botanical Garden, Papago Golf Course, Phoenix Zoo, Rolling Hills Golf Course and Arizona State University.

Like many other metro areas, Scottsdale continues to benefit from demographic shifts in the U.S., according to Newmark Research. Scottsdale is an attractive option for those leaving coastal gateway markets for economic opportunities and a lower cost of living. From July 2020 to July 2021, the Phoenix Metro area experienced the largest net domestic migration gain in the country, with 66,850 new residents. Scottsdale's diversified economy, young talent pool, numerous universities and community colleges, lower cost of doing business relative to gateway markets and strong population growth are major draws for employers and employees alike.

[1] Dba Newmark Knight Frank in Arizona

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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