Phoenix, Arizona – Velocity Retail Group has leased a vacant Fry’s Food & Drug store at the southeast corner of Bell Road and 7th Street. The Fry’s expanded and relocated further east along Bell Road earlier this year. The 48,000-square-foot vacant big box will be split to accommodate two national retailers. Marshalls will occupy 23,475-square-feet of the building, and Michaels will take 25,324-square-feet.
This is just one of over a dozen big box transactions completed this year by the team at Velocity Retail Group who specialize in big box leasing for both owners and retailers. Dave Cheatham, president of Velocity Retail Group commented, “This is an excellent in-fill location for both retailers, and a great solution for this vacant big box at a high-profile corner in north Phoenix”.
Cheatham, and Darren Pitts of Velocity Retail, along with Jeff Dinsmore from Jones Lang LaSalle’s Boston office worked on behalf of Fry’s / Kroger to lease the building. The tenants were represented by Phoenix Commercial Advisors, Greg Laing and Dan Gardiner. After the building is remodeled for the tenants, they expect to open by the 4th quarter of 2018.
Velocity Retail Group provides our clients with a dedicated research department that tracks the activity of over 4100 buildings totaling nearly 173 million square feet of retail throughout the Phoenix metropolitan area. Our research includes retail buildings 10,000-square-feet and over and specializes in big box research. If you are an investor or retailer looking to expand contact Velocity Retail Group for expert consultation and information to help you make your real estate decisions.