Shopping Center Business

MAY 2017

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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CENTER REVIEW 98 • SHOPPING CENTER BUSINESS • May 2017 I n Gilbert, Arizona—one of the fast- est-growing towns in the nation—Na- tionwide Realty Investors recently broke ground on two 60,000-square-foot spec buildings at Rivulon, a 250-acre mixed-use development at the corner of Gilbert Road and AZ 202 just southeast of metropolitan Phoenix. Nationwide Realty Investors, which broke ground on Rivulon in late 2014, has delivered and leased nearly 300,000 square feet of retail and office space in the community. When fully complete, the $750 million mixed-use project will in- clude approximately three million square feet of Class A office and approximately 250,000 square feet of retail, restaurant and hotel uses. One of the high profile retailers that opened at Rivulon last year is Gilbert's first Mercedes-Benz dealership. The lux- ury dealership is located on a highly visible 7-acre parcel along Gilbert Road. Shortly after that successful opening, Sauce Pizza & Wine, Jersey Mike's Subs, Yogi's Grill Teriyaki & Roll and an Isagenix retail store opened in Rivulon's first retail build- ing. Grabbagreen, a health food, fast-ca- sual restaurant offering primarily organic, locally sourced foods that features grain and green-based bowls and fresh pressed juices, which opened mid-march 2017. Serving as an anchor to Rivulon's ear- ly office development, health and well- ness leader Isagenix moved its world headquarters to a 150,000-square-foot single-tenant office building in the community last year, joining an already opened 45,000-square-foot LA Fitness. Adjacent to the Isagenix headquarters is a new four-story, 125,000-square-foot of- fice building anchored by Merrill Lynch, Blackstone-owned Finance of America Mortgage and AZ Business Bank Co-Biz. "The overall quality of the community and Nationwide Realty Investor's mas- ter planned approach to development is consistent with the experience we strive to provide to both our clients and our referral partner network," said Finance of America Mortgage Branch Manager, Ron Crawford. "This location and Rivu- lon's growing amenities continue to play a role in significantly enhancing our lending opportunities in the Southeast Valley." With no other project like Rivulon in the region, there is reason to believe that leasing — particularly office leasing — will continue to move forward at a brisk pace. Upon completion, Rivulon's office component will nearly double Gilbert's current inventory of 3.3 million square feet of space, and represents the market's first critical mass of Class A office. Civic officials have cited Rivulon's influence as an economic game-changer for the town, which has limited space dedicated for commercial development. Gilbert Town Manager Patrick Banger says that the project has the potential to fundamentally alter the economic dy- namics of the town. "At 72 square miles, Gilbert is a relatively compact town," he explains. "The space we've set aside for commercial activity is fairly modest, so civic leaders are very conscious of the fact that we have to make the most of it — to ensure that the decisions we make today set us up for long-term sustainability. Riv- ulon is an ideal fit for us, and is a critical piece of that strategy." In addition to the two new spec office buildings underway, the next phase of de- velopment for Rivulon includes a creative and flexible office neighborhood along the northern border of the community. Nationwide Realty Investors is also ex- ploring a number of options for a six- to nine-acre hotel site within the project. "We have tremendous energy and mo- mentum," said Nationwide Realty Inves- tors President and COO Brian J. Ellis. "The market recognizes that there is no other community like Rivulon in the East Valley and we are taking full advantage of that opportunity with both our develop- ment and leasing efforts." SCB Rivulon Continues Expansion Mixed-use project in growing Gilbert, Arizona, sees new development. Randall Shearin Rivulon has delivered nearly 300,000 square feet of retail and office space.

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