Phoenix, Arizona — Darren Pitts of Velocity Retail Group and Bob Crum of Ross Brown Partners represented the Seller in a two-property sale leaseback of La-Z-Boy Showrooms in Georgia and Tennessee.  The Seller is AFG-Alpharetta, LLC and AFG-Knoxville, LLC both Georgia limited liability companies managed by Thomas DeGoey one of the largest volume licensees within the La-Z-Boy network.  The buyer was FIP Acquisitions, LLC an entity controlled by Fundamental Income Properties, based in Phoenix, Arizona. Sales price for the transaction was $16,250,000.

The buildings included in the sale were:

•  Alpharetta, Georgia – 5970 North Point Parkway, Alpharetta, GA 30022.  Parcel size of 1.5 acres with 15,024-square-foot building.
• Knoxville, Tennessee 9605 Kingston Pike, Knoxville, TN 37922.  Parcel size of 1.4 acres with 25,486-square-foot building.

The stores are established La-Z-Boy showrooms in their respective trade areas and were purchased with new leases in place.

“These buildings are in excellent locations in their markets and will continue to be operated by one of strongest licensees within La-Z-Boy,” said Darren Pitts, Executive Vice President of Velocity Retail Group.  “The furniture industry has experienced a surge of activity and is one of the categories of retailers expanding in the current economy,” he added.

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.

TUCSON, ARIZONA — Galeria del Rio, a premiere townhome rental community in Tucson sold to Utah-based, McDonnell Tudor, LLC for $32.025 million ($317,079 per unit). Setting the highest price per unit this year.

Located along the River Road corridor in northwest Tucson, the property is within easy access to Interstate-10, at 5132 N Prairie Clover Trail in Tucson. The property was completed in December 2014 and was 98% occupied at time of sale. Consisting of 101 units with attached two-car garages in two- three- and four-bedroom floorplans.

The property has 101-separate lots, two common areas and a clubhouse/amenity lot developed with the additional exit strategy of converting the rentals into for-sale townhomes.

Galeria del Rio is state-of-the-art design with 9-foot ceilings, open floor plans, private entries and private backyards with masonry walls. The average three- and four-bedroom units at Galeria del Rio are 1,573-square feet. Each unit includes a two-car garage with remote openers.

Unit interiors feature black kitchen appliances package, granite countertops, breakfast bars, kitchen pantries, elegant wood cabinets and brushed nickel fixtures. Also included in each unit are full sized washer and dryer, larger walk-in closets with carpet and ceramic tile floors throughout.

Community amenities include a beautifully designed neighborhood center with gourmet coffee bar, tenant computer area with scanner, complimentary Wi-Fi hot spot, pool, spa with gas Bar-B-Que, and dog park. Property units are individually metered for electric, water and sewer.

Art and Clint Wadlund with Berkadia of Tucson represented the seller, Capital Square Asset Management of VA.

For more information, Art can be contacted at 520.299.7200 and Clint should be reached at 520.615.1100.

To learn more, see RED Comp #8974.

PHOENIX, ARIZONA — CBRE announced the $7.3 million sale of a 55,000 square-foot property in Phoenix.

CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller, a California-based private equity group. Greg Hopley with Colliers International represented the buyer, Goettl Air Conditioning & Plumbing.

Located at 4611 East Baseline Road, the single-story back-office property was built in 1999 and was 100 percent vacant at the time of sale. The building, which is located one mile west of the Interstate 10 Freeway, has been occupied by a single occupant since 2004. The property, which sits on 6.61 acres of land and offers an expansive parking field, was engineered and designed to accommodate a second story.

“The facility will be updated for the Arizona brand Goettl Air Conditioning & Plumbing,” said Ken Goodrich, CEO. “The Baseline facility is the perfect location for Goettl’s next chapter of growth, further building upon our incredible 82-year Arizona legacy.”

The property is located within Pointe South Mountain Business Park, which features the 640-room Arizona Grand Resort and Golf Course. It is also in proximity to Arizona Mills Mall, Sky Harbor International Airport and Arizona State University.

“The property is ideally located and will be a terrific owner-user facility for the buyer for many years to come,” said Gabel.

Added Marchildon, “The new ownership is planning on improving the property for their own use and intend on installing such features as loading doors to accommodate warehousing, interior office enhancements and taking advantage of the large site area for company vehicle storage.”

A recent survey of commercial real estate investors ranked Phoenix as a top-10 target among Americas metros. The Sun Belt market jumped five spots to #4 in CBRE’s 2021 Americas Investor Intentions Survey.