{"id":1004216283,"date":"2018-04-04T01:06:15","date_gmt":"2018-04-04T09:06:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004216283"},"modified":"2022-12-08T15:33:38","modified_gmt":"2022-12-08T23:33:38","slug":"tuft-needles-phoenix-hq-trades-for-9m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tuft-needles-phoenix-hq-trades-for-9m\/","title":{"rendered":"Tuft &amp; Needle&#8217;s Phoenix HQ Trades for $9M"},"content":{"rendered":"<p>By Tudor Scolca<\/p>\n<div id=\"attachment_1004216769\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004216769\" data-attachment-id=\"1004216769\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tuft-needles-phoenix-hq-trades-for-9m\/tuft-needle-headquarters-002\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Tuft-Needle-Headquarters-002.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Tuft Needle Headquarters (002)\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Tuft-Needle-Headquarters-002.jpg?w=800\" class=\"wp-image-1004216769 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Tuft-Needle-Headquarters-002.jpg\" alt=\"The Tuft &amp; Needle headquarters building \" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Tuft-Needle-Headquarters-002.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Tuft-Needle-Headquarters-002.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Tuft-Needle-Headquarters-002.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004216769\" class=\"wp-caption-text\">The Tuft &amp; Needle headquarters building<\/p><\/div>\n<p>Retail Realty Fund has acquired the Tuft &amp; Needle headquarters and showroom building in downtown Phoenix for $8.7 million. A Lee &amp; Associates team represented the seller in the transaction, an entity controlled by SimonCRE. Property Group International worked on behalf of the buyer.<\/p>\n<p>Located at 735 Grand Ave., within the city\u2019s central business district, the 36,000-square-foot historic property changed owners and tenants several times since its construction in 1917. The building achieved its iconic status when it operated as the O.S. Stapley Co. hardware store, which supplied materials to the Theodore Roosevelt Dam site. The shop closed in 1962, but its new owners used it as an appliance store and subsequently a car and industrial machinery repair shop.<\/p>\n<h2>Reinventing the look<\/h2>\n<p>SimonCRE acquired the then-vacant property in 2012 for $3.2 million, according to <em>The Arizona Republic.<\/em> The company saw an adaptive reuse opportunity, renovating it into creative office space and showroom for the headquarters of Tuft &amp; Needle. Actually, the whole downtown Phoenix is experiencing a revitalization process, with more than $5 billion of public and private capital invested between 2004 and 2017, according to Lee &amp; Associates Arizona.<\/p>\n<p>\u201c<em>The Tuft &amp; Needle building was attractive to the investor because of the quality adaptive reuse renovation by SimonCRE, the stability of a long-term lease to a nationally recognized tenant and the location in the heart of the vibrant <a href=\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-retail-center-trades-for-22m\/\">downtown Phoenix redevelopment area<\/a>,<\/em>\u201d said Jan Fincham, principal at Lee &amp; Associates Arizona, in a prepared statement.<\/p>\n<p>Fincham and Principal Patrick Dempsey were part of the Lee &amp; Associates Arizona team that brokered this transaction.<\/p>\n<p><em>Image courtesy of Lee &amp; Associates<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2012, the e-commerce and manufacturing firm acquired and completely renovated the iconic building in the city&#8217;s downtown area. Retail Realty Fund now purchased the entire 36,000-square-foot property from SimonCRE. <\/p>\n","protected":false},"author":1284,"featured_media":1004216769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,1601,21749,15],"tags":[39636,32762,39642,39639],"class_list":["post-1004216283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-phoenix","category-retail","category-west","tag-jan-fincham","tag-lee-associates","tag-patrick-dempsey","tag-simoncre"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tuft &amp; Needle&#039;s Phoenix HQ Trades for $9M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tuft-needles-phoenix-hq-trades-for-9m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tuft &amp; Needle&#039;s Phoenix HQ Trades for $9M\" \/>\n<meta property=\"og:description\" content=\"In 2012, the e-commerce and manufacturing firm acquired and completely renovated the iconic building in the city&#039;s downtown area. 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