Vacant Fry’s Big Box Sold to Simon CRE in Apache Junction, Arizona

Fry’s Apache Junction

Phoenix, Arizona — Velocity Retail Group has sold a vacant Fry’s Food & Drug store at the southwest corner of Apache Trail and Idaho in Apache Junction. Fry’s recently expanded and relocated to the northeast corner of the same intersection with a new Marketplace concept. The 62,602-square-foot vacant big box was purchased by Simon CRE and will be redeveloped for three junior anchor tenants.

This is just one of many big box transactions completed 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 a strong retail intersection for the trade area.  There were multiple parties interested in the building, and the plans the new buyer has for the redevelopment will bring increased shopping traffic for the center.”

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 sell the building.  



Phoenix Vacant Fry’s Grocery Leased to Marshalls & Michaels

Former Frys at Bell &7th St., Phoenix

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.