Business building · Case study
The Shops at Gainey Village
From 40% vacant to 100% leased and sold.
John rebuilt a struggling Central Scottsdale center from the inside out, then helped deliver a $69.7 million sale.
40% → 100%
vacant to fully leased
21 of 38
tenants replaced
80,000+
square feet leased
$69.7M
sale in December 2019
The story
01
A well-located center that had lost its way
When John took over leasing in 2015, The Shops at Gainey Village was 40% vacant, and many of its remaining tenants were on rent relief.
02
Rebuilt from the inside out
John remerchandised the tenant mix, guided a full renovation and repositioning of the center, and brought in a newly designed Sprouts Farmers Market as the anchor. He replaced 21 of the center’s 38 tenants and leased more than 80,000 square feet.
03
Fully leased, recognized and sold
The center reached 100% leased and was named a 2018 RED Awards nominee for Best Retail Project. In December 2019, the fully leased center sold for $69.7 million, with John assisting in the sale negotiations.
Timeline
2015
John takes over leasing; the center is 40% vacant
Repositioning
Remerchandising, renovation and new tenants
April 2018
Newly designed Sprouts Farmers Market opens
2018
RED Awards nominee, Best Retail Project
December 2019
Sold 100% leased for $69.7 million
“Corritore played a major role in the center’s revitalization.”
ABC15 Arizona, January 2020
The turnaround
Before and after John took over leasing.
2015: Before
- 40% vacant
- Sparse parking lots, even on weekends
- Remaining tenants struggling, many on rent relief
- No anchor driving consistent traffic
2019: After
- 100% leased
- Sprouts Farmers Market added as anchor
- 21 of 38 tenants replaced; 80,000+ sq ft leased
- Sold for $69.7 million