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.

The following commercial leases were reported to the Real Estate Daily News for the Phoenix Lease Report from February 8 thru 12, 2016

OFFICE – 13610 N. BLACK CANYON HIGHWAY, PHOENIX
An Atlanta-area healthcare information management firm signed a long-term, 55,000-sqaure-feet office lease at Metro North Corporate Park, 13610 N. Black Canyon Highway, Phoenix. The company is expected to occupy the space in March or April, 2016. Plans call for a back office space with a 500-seat call center. Steve Farrell, Principal with Lee & Associates negotiated the transaction with assistance from Scotland Wright Associates, Atlanta, GA. Ray Cashen of Cashen Realty Advisors, Phoenix, represented the lessor. “The Metro North facility offered significant expansion opportunities over the lease term and provided parking solutions for their expected growth,” said Farrell.  HealthPort is the nation’s largest provider of release of information (ROI) services and audit management and tracking technology for hospitals, health systems, physician practices and clinics to process and fulfill medical record requests and maintain compliance.  Metro North Business Park, Building A is a 302,507-square-foot office building featuring a generous 10:1,000 parking ratio, is close to many area restaurants and hospitality venues and has a strong presence along the I-17 Freeway.

RETAIL – 596 E GERMANN RD., GILBERT
The Arizona family-owned company, Potato Barn has locations in Scottsdale, Mesa, and Gilbert.  The most recent deal included adding another 19,108-square-feet to the pre-existing 35,000-square-feet to its original outlet location at 596 E. Germann Rd. in Gilbert.  Potato Barn owner, Mike Bongiorno said, “We are very excited to be expanding in Gilbert.  This Potato Barn Outlet location has exceeded our expectation and we now are considering opening Friday’s.”  The outlet is currently open on Saturdays from 10AM – 6PM.  “We appreciate all the support from the community and look forward to growing in Gilbert,” Bongiorno feels the outlet may have to be open to the public another day. The tenant rep deal involved, Kyle Westfall with JLL, who represented the Landlord and SVN Desert Commercial Advisors, Mary Nollenberger and Rommie Mojahed represented the tenant, Potato Barn. “Potato Barn has experienced tremendous growth. They offer a unique product at the very lowest price,” Mojahad said.  “Their original location was a barn, and now they have locations in regional power centers in Gilbert, Scottsdale, and Mesa.”

INDUSTRIAL – 2546 W. BIRCHWOOD AVE., MESA
Arch Nutraceuticals, Manhattan, KS, signed a 20,300-square-foot, 5-year-plus lease at Broadway Business Park, 2546 W. Birchwood Ave, Mesa. Marc Pierce of Lee & Associates represented Arch Nutraceuticals while James Harper and Pete Klees of Cushman & Wakefield represented the lessor, Anderson Team III, LLC, Tempe. Built in 1998, the 40,628-square-foot warehouse building features heavy power, 16’- 18’ clear height, 4 drive-ins and 4 exterior docks. The building is located a few blocks east of the Loop 101 and evenly between the Loop 202 and US 60.

INDUSTRIAL – 222 S. DATE ST., MESA
Goodman Distribution Inc., Houston, TX, a distributor of wholesale HVAC products and equipment, renewed their lease for 30,972-square-feet for an additional 60-months at 222 S. Date St., Mesa. Lee & Associates Principal Marc Pierce represented the landlord, Date St. Properties, while Will Strong with Cushman & Wakefield and Anthony Fritsche with Fritsche Anderson Realty Partners, Houston, TX represented Goodman. The industrial manufacturing building, built in 1977 features 18’ clear height, heavy power and two drive-in doors. It is close to both the Loop 101 and 202 freeways.

RETAIL – 10405 N. 31^st AVE., PHOENIX
Brian & Tom Woods of Collier, represented Famous Footwear on a 10-year lease with ACP Metro Towne Center, LLC at the SWC 28^th Drive and Peoria Avenue, 10405 N. 31^st Ave. Phoenix, AZ, 85051 for 8,002-square-feet.  Newmark Grubb Knight Frank, Tim Westfall and Ryan Moroney represented the Landlord.

RETAIL – 2920 E. GERMANN RD., CHANDLER
Brian & Tom Woods of Collier, represented Vestar Development on a 10-year lease with Mattress Firm at Crossroads Towne Center 2920 E. Germann Road, Chandler, AZ, 85286 for 6,527-square-feet.  Velocity Retail Group, Michael Clark represented the Tenant.

RETAIL – 245 E. BELL RD., PHOENIZ
Brian & Tom Woods of Collier, represented Nexus Development on a 10-year lease with Chronic Tacos at Bell Towne Plaza, 245 E. Bell Road, Suite A-2, Phoenix, AZ, 85022 for 2,223-square-feet.  Keyser, Mike Leonard, represented the Tenant.

RETAIL – 1245 W. CHANDLER BLVD., CHANDLER
Brian & Tom Woods of Collier, represented Chandler Alma School Partners, LLC on a 10-year lease with Starbucks at the SWC of Chandler Blvd & Alma School Road, 1245 W. Chandler Blvd, Chandler, AZ, 85224 for 1,800-square-feet.  Phoenix Commercial Advisors Lance Umble represented the Tenant.

Sahuarita is a newly developed culturally diverse residential and business community and is one of Arizona’ s fastest-growing communities. Positioned along Interstate 19 with convenient access to Interstate 10, Sahuarita has an estimated retail trading area of 70,000 people and is forecasted to grow to 140,000 by 2020.

A private Californian-investor from San Francisco purchased the Pet Club at 2585 N Abrego Drive in Sahuarita, AZ for $3.12 million ($299 PSF). The 10,450-square-foot Pet Club Feed and Tack Store opened in Sahuarita in December 2015 just before the closing.

The seller, SimonCRE bought the 43,412-square-foot improved lot at the northwest corner of Abrego Drive & Duval Mine Road in Sahuarita for construction of the 10,450 -square-foot Pet Club Feed and Tack Store. Located off I-19 on Nogales Highway, Pet Club is on a long-term fifteen (15) year net lease with a corporate guarantee. The lease includes 10% rent increases every five years and three, five-year renewal options.

Pet Club has been serving loyal customers for over 30 years, with over 60 locations in Arizona, Colorado and Texas. This location serves pet lovers in Green Valley, Tucson and Sahuarita.

The site provides excellent retail synergy being located across the street from Madera Marketplace including retailers such as Walmart, Big Lots, Big 5, Ross, AutoZone and Walgreens and many more.

Greg Saltz with GPS Retail and Chad Tiedeman with Phoenix Commercial Advisors represented the seller, SimonCRE and David McDonald, CCIM, with Idaho Commercial Brokerage in Boise, Idaho represented the buyer.

For more information, Saltz can be reached at 602.672.4559, McDonald can be called at 208.343.9300 and Tiedeman should be contacted at 602.288.3472.

To learn more, see RED Comp #3516 and prior land sale at RED Comp #2988.

*          *          *          *          *

SPD 18726 Nogales Hwy, LLC of California (Deyan Petakovich, manager) bought an outlot in Sahuarita at the Walmart Super Center, a two-unit strip center in Sahuarita Plaza, for $2.075 million ($371 PSF). Located in a 136,000-square-foot retail center, the outlot was 100% leased to Radio Shack and Pacific Dental, both with corporate guarantees at time of sale.

Newly built in 2011, a recent lease assumption was made by a Sprint Entity for the former Radio Shack (2,100 SF) that was assumed by General Wireless.

The center and its tenants benefit from the excellent demographics, strong traffic counts and tremendous visibility along South Nogales Highway. This dominant retail corridor includes many national retailers such as Walmart, Ross, Big Lots, Petco, Jo-Ann, Denny’ s, Pizza Hut, Carl’ s Jr, T-Mobile, Bank of America, Walgreeens and many more.

Brandon Duff and Brad Feller with Stan Johnson Company in Scottsdale, AZ handled the transaction for both buyer and seller, 18000 Nogales, LLC (Art Shepherd, manager).

For more information, Duff and Feller should be reached at 312.240.0127

To learn more, see RED Comp #3533.