Newmark Grubb Knight Frank (NGKF) has completed a new lease with Colorado Springs, CO-based Phenix Salon Suites, the fastest growing ‘Salon Suites’ concept in the United States. The 15-year lease is valued at $3.76 million and totals 7,000 square feet. Phenix Salon Suites will be locating within a newly constructed, single-tenant retail building with plans for a grand opening in September 2016.
Randee Stratton, managing director with NGKF in the firm’s La Jolla office, completed the lease on behalf of Phenix Salon Suites. The landlord is an entity of Red Mountain Retail Group. This transaction marks Stratton’s fortieth lease she has completed on behalf of Phenix throughout the state of California over the past four years. The growing salon franchise currently has more than 200 locations nationwide.
“I identified this location for Phenix as it offered a density of salons in the area which is a major factor in site selection,” said Stratton. “My client’s concept is to attract stylists from other nearby salons who can lease a suite within the premises, bringing their own book of business and their preferred hours of operation for their clients. Overall this Santa Ana location made strong economic sense and the improvements being made to the property will be high quality and turn key for stylists to relocate with ease. They will also have the flexibility of decorating their individual suite.”
Located at 1975 E. 17th Street, the new space is adjacent to Hobby Lobby and several quick serve restaurants including Chipotle and Which Wich. The site is well-located in the heart of Orange County and offers easy access to the 55 Freeway. There are more than 280,000 people within a three-mile radius and a daytime population of more than 26,000 employees within a one-mile radius.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.