Discount Tire to Build New Phoenix HQ – What is a Ground Lease?

, Discount Tire to Build New Phoenix HQ – What is a Ground Lease?, Robert Khodadadian

Image by Daniel McCullough via Unsplash

Discount Tire has acquired a 35-acre lot for the development of its new corporate headquarters in Phoenix. The office building will encompass more than 300,000 square feet and is expected to house more than 1,100 employees.

The company purchased the plot near Loop 101 and State Route 51 at a public auction held by the Arizona State Land Department. According to AzCentral, Halle Properties, the company’s real estate division, was the only bidder for the site, which traded for $29.4 million. Proceeds from the transaction will be invested in the Permanent Land Endowment Trust Fund.

With its current headquarters in Scottsdale, Ariz., Discount Tire operates stores in 37 states. The project will be delivered in multiple phases, with infrastructure improvements expected to start within a year. One of the biggest office developments in Phoenix in recent years, the office property will also house The Diane & Bruce Halle Foundation’s offices, a provider of philanthropic resources for communities located in the state.

Phoenix’s fast-paced expansion is not showings signs of slowing down. Earlier in 2022, a large-scale mixed-use development also moved forward: Steinhauer Properties Inc.’s Stadium Point at P83 project received a tax incentive agreement from The Peoria City Council. Estimated at $510 million, the new district will bring more than 1 million square feet of space to the area.

The post Discount Tire to Build New Phoenix HQ appeared first on Commercial Property Executive.

 Development, News, Office, Phoenix, West 

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