Watermark Tempe recently acquired a new restaurant tenant called Cession. Cushman & Wakefield, who represents Watermark Tempe, announced earlier this week that they’ve leased 8,462 square-feet of Watermark’s office tower at 410 N. Scottsdale Road off the southwest corner of Loop 202 to the upcoming dining concept.
Cession will be a “bistro-style” restaurant serving “Southern-themed” fare. It will feature expansive outdoor patios overlooking Tempe Town Lake and will be located along the boardwalk. The design and construction of the space is headed by Lion Craft, a hospitality furniture and design company whose portfolio includes bars and nightclubs throughout the nation.
Cession co-owner Bo Ratliff, who is also a managing partner at Lion Craft, says that this is the company’s first restaurant project. Because Cession is still in its very early stages of development, Ratliff is unable to disclose any further details at this time.
The restaurant is projected to open in February 2023 and will be a part of Tempe’s second-most visited public attraction. Built in 2020, Watermark Tempe is a sustainable mixed-use development comprising 44,000 square-feet of restaurant and retail space, in addition to 360 multifamily units.
Watermark Tempe is owned by Los Angeles-based Fenix Development, Inc., a privately owned real estate investment and development company. Cushman & Wakefield’s Brent Mallonee, Vice President represented the landlord in the transaction. LeDonna Spongberg of Edge Realty Partners represented the tenant.
“We are thrilled to welcome Cession as one of Watermark Tempe’s newest restaurant tenants and destinations for on-site occupants, visitors as well as greater community,” said Brent Mallonee in a press release. “This space offers numerous benefits, from its outdoor patio, built-in as well as surrounding customer base, accessibility, and other attractors.”
