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Anatomy of a Lease: Artichoke Basille’s Pizza in Phoenix, Ariz.

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The lease negotiations for this 10-year NNN lease deal went well with the exception of how long the process took, mainly because the majority of the leasing staffers were not working in their offices due to COVID-19 restrictions. The negotiations began in January of 2021 and the lease arrangements were completed by that summer. The property representation, Vestar, proved to be extremely accommodating; for example, in April of 2022 a palm tree was relocated that had been blocking the proposed 1,000-s.f. outdoor patio space area, and the franchisee agreed to reimburse those costs. Additional buildout costs have been very high, as the space was not previously a restaurant. The restaurant hopes to open by Labor Day.

Tenant: Artichoke Basille’s Pizza
Location: Phoenix
Square Footage: 3,510 s.f.
Developer/Owner: Vestar
Property Type: Open-Air Regional Shopping Center
Initial Term: 10 Years

The franchisee appreciated that the shopping center is in a highly visible and heavily trafficked spot, wedged between two major freeways in Northern Phoenix: the 101 state Route freeway loop and state Route 51. The franchisee was originally considering a different space in the shopping center where a Japanese restaurant had been, but the current unit, a former Carter’s, which was also used as an event space, was ultimately selected because it had better foot traffic and greater exposure. The agreed upon site looks out across the parking lot area to a Target and the patio space will face the patio of its neighbor tenant, the Copper Blues Live comedy club/restaurant/concert venue. Additional high-traffic tenants in the center include the AMC DINE-IN Desert Ridge 18 and Dave & Buster’s. This will be the third Artichoke Basille’s Pizza in the Phoenix metro, and the restaurant will serve its signature pizzas, as well as desserts, salads and drinks from its full-service bar.

Tenant Representation:
OX Urban Properties
7109 E. Second St., Suite 102
Scottsdale, AZ 85251
Theodore “T.J.” Claassen, Jr., Associate Broker
(602) 524-6000
tj@oxurban.com

Property Representation:
Vestar
2415 E. Camelback Road, Suite 100
Phoenix, AZ 85016
Jenny Cushing, VP, Leasing
(602) 866-0900
jcushing@vestar.com

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Linda Frabl

Frabl is the former editor and reporter of Crittenden’s Retail Tenants Report. She has several years of experience in publishing including stints as a freelance writer, managing editor, copy editor and as an editor-in-chief for two Los Angeles County-based lifestyle magazines. She has worked for Crittenden Research since 2018. She has a degree in English from the University of California, Santa Barbara, and resides in San Diego.

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