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.