Phoenix, Arizona – Darren Pitts of Velocity Retail Group and Bob Crum of Ross Brown Partners represented the Seller in a multi-property investment sale that included four individual La-Z-Boy Showrooms throughout Arizona. The Seller was Edward O. Breunig, III an independent dealer 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 VEREIT Acquisitions, LLC.
The buildings included in the sale were owned by entities controlled by EBCO, with leases in place to La-Z-Boy Incorporated (NYSE: LZB). The portfolio sold for $26.5 million.
- Chandler, Arizona – 3055 West Chandler Boulevard, Chandler, Arizona 85266. Parcel size of 2.27 acres with 23,815 SF building.
- Tucson, Arizona – 2040 West Ina Road, Tucson, Arizona 85704. Parcel size of 2.59 acres with 17,867 SF building.
- Goodyear, Arizona – 15320 West McDowell Road, Goodyear, Arizona 85338. Parcel size of 2.26 acres with 25,494 SF building.
- Prescott Valley, Arizona – 5584 East State Route 69, Prescott Valley, Arizona 86314. Parcel size of 1.6 acres with 14,295 SF building.
“This portfolio represents one of the highest quality net leased portfolios sold in the State of Arizona. This was an exceptional opportunity for an investor to place significant capital into the marketplace backed by new leases with La-Z-Boy; one of the strongest brand names in the furniture industry today,” said Darren Pitts, Executive Vice President of Velocity Retail Group. “We were also pleased that the Buyer was Phoenix-based VEREIT and that we were able to deal with one of the best single-tenant retail buyers in the country right here in our local market.”
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.
See RED Comp #6561 for details of Tucson sale.