Phoenix, Arizona - Darren Pitts of Velocity Retail Group and Bob Crum of Ross Brown Partners represented the Seller in the sale of the La-Z-Boy Showroom located at 6828 East Camelback Road, adjacent to Scottsdale Fashion Square Mall. The Seller was Edward O. Breunig, III a former La-Z-Boy licensee whose company EBCO, Inc. built the largest volume licensee stores within the entire La-Z-Boy network over a 35 year period. The buyer was Blueprint Capital REIT, Inc. based out of Seattle, Washington with offices in Scottsdale. The buyer intends to hold the retail asset for long-term investment purposes.
The 11,611-square-foot building has a lease in place with La-Z-Boy Incorporated. (NYSE: LZB). “This is a unique investment opportunity in a very difficult area to acquire real estate. The asset's frontage on Camelback Road, as well as its proximity to Scottsdale Fashion Square make this an excellent long-term investment opportunity for the Buyer. We are also pleased to have achieved an excellent outcome for the Breunig family," said Darren Pitts, Executive Vice President of Velocity Retail Group.
This transaction is one of dozens of big box deals completed by Velocity Retail Group in the past year. The firm continues to lead the retail market in big box leasing and sales and looks forward to continuing to serve its expanding retailers at the highest level.