Velocity Retail Group’s Investment Division Completes $5.7 MM NNN Sale of Goodwill of Central Arizona in Queen Creek


Phoenix, Arizona — Velocity Retail Group Investment Division completed the $5,700,000 NNN investment sale of a 25,000-square-foot Goodwill of Central Arizona store at the Heritage Square shopping center in Queen Creek.  The shopping center is located at the southeast corner of Rittenhouse Road and Ellsworth Road in Queen Creek.

The project is a joint venture between Wadsworth Development Group and Accelerated Development Services who purchased the 14.5 acre site at the end of 2015 and developed the center over the last three years.  Other tenants in the center include, Wendy’s, Wienerschnitzel, Palette Collective, Salad and Go, Bridgestone Firestone and Sodalicious.

Velocity Retail Group’s Dave Cheatham, Darren Pitts, and Eli Castronova, represented the Seller in the transaction (JKG, LLC), the single-purpose entity of Wadsworth Development Group and Accelerated Development Services.  The Buyer, Santiago Villa was represented in the transaction by Patrick Stafford of Mahoney & Associates from Monterey, California.

The Goodwill is located on a 2.85 acre parcel within the shopping center and opened in January of 2017.  This is one of two other recent NNN investment sales completed in the project by the Investment team at Velocity Retail Group.  “The property is in the heart of the retail core for Queen Creek.  Goodwill is a quality tenant that will provide a good income stream to the buyers for years to come,” said Castronova.

Wadsworth Development Group is a vertically integrated regional real estate firm with its headquarters in Draper, Utah. It provides development, management, and brokerage services throughout the intermountain West for a wide range of clients and partners. Its Arizona office is in Scottsdale.