Phoenix, AZ – Phoenix-based Velocity Retail Group’s Darren Pitts and Bob Crum of Ross Brown Partners represented La-Z-Boy Furniture Galleries of Arizona, in the purchase of a 1.65 acre parcel at 5584 E. State Route 69, Prescott Valley, Arizona. Located in the Crossroads Shopping Center in Prescott Valley, this will be the furniture retailer’s newest location in Northern Arizona.

The seller in the transaction, Kitchell Development Company, was represented by Greg Laing of Phoenix Commercial Advisors. La-Z-Boy will construct a 14,000 +/- square foot building on the parcel, which is situated directly on Highway 69 at the main entrance to Hobby Lobby and Home Depot.

Darren Pitts, executive vice president with Velocity Retail Group has worked with Ed Breunig, CEO for several years during La-Z-Boy’s market expansion throughout Arizona. “This is a highly visible parcel in the heart of Prescott Valley’s newest shopping center development that boasts over 1.3 million square feet of retail across both sides of Highway 69. Our new store will be perfectly positioned within this retail corridor and will be a great addition to the retailer line-up serving Prescott and the surrounding area,” said Pitts.

Ed Breunig commented, “This store will be our 10^th location in Arizona and will also have the full complement of La-Z-Boy offerings for our customers including design services, and personal shopping.” The new location is expected to open in September of 2016.

La-Z-Boy started producing their first recliner in 1928. The company prides itself on the principals of comfort, innovation, and industry-leading craftsmanship. Nearly all La-Z-Boy furniture is built in the U.S.A. from domestic and imported materials. La-Z-Boy currently sells products in these markets: America, Asia, the United Kingdom, Australia, New Zealand, Latin America, Europe, the Middle East, and Africa.

Phoenix, Arizona –  Velocity Retail Group, LLC announces that The Dump Furniture Outlet, a subsidiary of Virgina-based Haynes Furniture Company, Inc. has finalized the lease of a 156,410-square-foot warehouse at 6655 S. Kyrene Road in Tempe, Arizona.

Darren Pitts represents The Dump nationwide for new site selection. The Dump is one of America’s top furniture outlet stores, the parent company is ranked 28^th in Furniture Today’s “Top 100 Furniture Stores” rankings for 2012.  The Dump buys overstocks, one-of-a-kinds, factory sell outs, showroom models and design prototypes. All products are brand new merchandise offered at huge savings to the customer. Learn more about this retailer at www.thedump.com

Darren Pitts, Executive Vice President at Velocity Retail Group and Bob Crum of Ross Brown Partners represented The Dump in the transaction.  The landlord, CLPF-Kyrene 3, LP, an entity controlled by Clarion Partners, LLC, was represented by Jones Lang LaSalle.

“The site is our existing logistics and operations location which supports the retail store at Elliot and Interstate 10.  We were pleased to be able to secure the location for an additional five years as this asset is an integral part for The Dump’s operations in Arizona,” said Pitts.

Pitts can be reached at (602) 682-8100. Crum is at (480) 362.9521. Headquarters for The Dump can be contacted (804) 262-6480

Salt River Pima-Maricopa Indian Community – BREW is reporting a venture between CarVal Investors in Hopkins, Minn. (John Brice, CEO) and Mainspring Capital Group in Scottsdale paid $50 million ($184 PSF) to buy the approximate 272,000-square-foot of office space within the Pima Center mixed-use business park on the Salt River Pima-Maricopa Indian Community.

That 209-acre project is located on the eastern edge of Scottsdale at the northwest corner of the Loop 101 and Via de Ventura. The CarVal Investors joint venture, called CV MainSpring Pima LLC, acquired a ground lease on the property underneath the buildings. The land is owned by members of the Salt River Pima-Maricopa Indian Community and has been master-leased for 65 years beginning in 2004. Pima Center is located on Native American soil, but the buildings have Scottsdale addresses.

The two, three-story structures, each of around 135,891-square-foot, have addresses of 9000 and 9200 E. Pima Center Parkway. The seller was Pima Parkway Venture LLC, a joint venture partnership formed by GEM Realty Capital Inc of Chicago, Ill., Farallon Capital Management, LLC in San Francisco, Calif. and MainSpring (Mills Brown, Curtis Brown, Gerry Blomquist, Marty Farnsworth, Joe Bayer, principals).

The sale was brokered by Bob Crum of Ross Brown Partners in Scottsdale.

CarVal has long been an investor with various operators owning Arizona real estate, but the company had not made an investment in the Phoenix area since before the downturn in the Valley market. CarVal is interested in buying additional office and industrial projects in the Phoenix area and has also been a player in the multi-family and hotel property sectors.

Mark Kunkel is the contact at CarVal and can be contacted at (952) 984-3774. The principals of MainSpring Capital Group are at (480) 362-9600. The contact at GEM Realty Capital is Dan Rosenbloom and can be reached at (312) 915-2900. Farallon is at (415) 421-2132. Call Crum at (480) 362-9521.

For full story click here: BREW by the Rose Law Firm in Phoenix