Phoenix, Arizona — Velocity Retail Group recently completed dozens transactions totaling over 4.5 million square feet of retail, land and big boxes. The team leases and sells more big box transactions than any other local firm, with big box sales and leasing accounting for twenty-five percent of these transactions. Following are a few highlights of the new transactions, see also the Tucson Lease Report:
Ashley HomeStore to Open in Prescott
Ashley HomeStore has signed a lease for a new location of 31,689-square-feet at 3090 Gateway Boulevard in Prescott, Arizona. The location is immediately adjacent to Prescott Gateway, the area’s only enclosed regional mall, in a location formerly occupied by The Roomstore. Darren Pitts of Velocity Retail Group and Aaron Hodgdon of Hodgdon Group Realty represented the tenant in the transaction. Ryan Desmond from Western Retail Advisors represented the Landlord, STORE Capital. The store is expected to open in the 1st quarter of 2019.
Circle K Expands Location in Phoenix
Brian Gast represented Circle K in a 52,231-square-foot ground lease at the southeast corner of Elliot Road and 51st Street in Phoenix. Circle K currently operates a smaller store on the hard corner. The adjacent former Burger King will be razed to rebuild a new prototypical Circle K on the larger site. Anticipated opening date of the new store is 4th quarter of 2018.
Cave Creek Parcel Sold for Self Storage
Dean Ingram and Brian Gast represented the Owner, Carefree and Cave Creek LLC, an entity controlled by Pacific West Land in Washington state, for the sale of a 2.8-acre parcel at the northwest corner of Carefree Highway and Cave Creek Road. The parcel is located just north of the Lowe’s Home Improvement store. The buyer, William Warren Group out of California. The company has plans to develop a self-storage facility on the property. The land sold for $1.1 million ($8.20 PSF).
Old Navy Expands at Superstition Gateway
Dave Cheatham, Darren Pitts and Bonnie Arlia recently finalized a lease of 12,500-square-feet on behalf of Old Navy. The new store will be located at the southwest corner of the US 60 Freeway and Signal Butte Road. They will occupy part of the former Staples space. Brian Gast of Velocity Retail Group represented the Landlord, DTL-SGW, LLC and DTR1C-SGW, LLC in the transaction. This will be the 19th Old Navy store in the Arizona market. The store is expected to open in August of this year.
Old Navy Expands in Queen Creek
Dave Cheatham, Darren Pitts and Bonnie Arlia recently finalized a lease of 12,500-square-feet on behalf of Old Navy. The new store will be located in the Queen Creek Marketplace shopping center located at the southwest corner of Rittenhouse Road and Ellsworth Road in Queen Creek. They will occupy part of the former Cost Plus World Market space. The Landlord is Vestar QCM, LLC, and was represented by Matt Milinovich of Strategic Retail Advisors. When the store opens in August of 2019 it will be the 20th Old Navy store in the Arizona market.
Iora Primary Care to Open new Clinic in Mesa
Brian Gast represented the Landlord, in a 7,923-square-foot lease to Iora Primary Care, a division of Humana, Inc. The new clinic will be located at the northwest corner of McKellips and Recker Roads in Mesa. The tenant was represented by Cushman & Wakefield’s, Dev Gupta. The clinic is expected to open in October of this year.
Former Bank Branch at Guadalupe and Gilbert Roads Sells
Brian Gast of Velocity Retail represented the Buyer, F & S Management IV, LLC in the purchase of an approximate 1-acre parcel with a 6,981-square-foot former bank building at the southeast corner of Guadalupe and Gilbert Roads in Gilbert, Arizona. The buyer has also engaged Brian Gast of Velocity Retail Group to lease the building. Tyson Switzenberg of JLL represented the Seller in the transaction.
Prime Sleep to Add 4th Store in the Market
Darren Pitts and Dave Cheatham with Velocity Retail along with Bryan Cornelius from Venture Commercial in Dallas completed the fourth Prime Sleep location for the Phoenix area. The 4,500-square-foot store will be located at the southwest corner of Williams Field Road and San Tan Village Parkway in the San Tan Pavilions Shopping Center. The Landlord is San Tan AZ, LLC, represented by Jason Hersker and Stephen Herman of Capital Asset Management. Opening is slated for early 2019.
Vantage West Credit Union in Gilbert
Brian Gast represented the Landlord, in a 4,000-square-foot lease to Vantage West Credit Union. The new branch will be located in a free-standing former Chase Bank building at the southeast corner of Ray and Cooper Roads in Gilbert, Arizona. The tenant was represented by Chris Evjen of Diversified Partners. Vantage West is expected to open by the end of 2018.
Remedy Pilates & Barre Expands
Bret Olson, and Darren Pitts of Velocity Retail negotiated a 2,065-square-foot lease with Remedy Pilates & Barre at the southeast corner of Indian School and 36th Street in the Gaslight Square shopping plaza. This will be the second location for the tenant. They are expected to open in September of 2018. Jared Lively of Rein & Grossoehme represented the Landlord in the transaction.
Mountainside Wellness Center Purchases Medical Building
Brian Harpel represented the Mettham Family Trust in purchasing a 1,873-square-foot medical building in Foothills Professional Village at 16515 S. 40th Street, #129 in Phoenix. The practice has been in business for over 17 years at their Chandler Boulevard location and has now relocated to the new building. Velocity Retail Group’s Dave Cheatham placed the tenant in their original location in 2001.
Ray & Power Shops Gains New Tenant
Brian Gast represented the Landlord’s in a new lease for the shops at the southeast corner of Ray Road and Power Road in Gilbert. Shiphaus Express leased 1,325-square-feet of space. They are expected to open in the 4th quarter of 2018.
Nitro Live Icreamery and Pilot Mortgage to Open in Gilbert
Brian Gast represented the Landlord, Cooper Square Shops, LLC on two new lease transactions. Nitro Live Icecreamery leased 1,312-square-feet, and is expected to open in January 2019. Pilot Mortgage leased 1,002-square-feet and is expected to open in the 4th quarter this year.
Bayshore Plaza Sells at Warner and Cooper Roads in Gilbert
Velocity Retail’s Brian Gast, and CBRE’s Greg Abbott worked together to sell Bayshore Plaza shopping center at 730 S. Cooper Road in Gilbert, Arizona. Greenstone Partners out of Chicago Illinois represented the Buyer, Bunge Bradley, LLC in the investment sale transaction.