Velocity Retail Group completed 8 transactions in March totaling nearly 200,000 SF. A summary of each transaction follows:
>> 99 Cent Only Stores finalized a 10-year, 17,138 SF lease at Kingman Crossing at the SEC of Interstate 40 and Stockton Hill Road in Kingman. Michael Clark of Velocity Retail represented the landlord, Accelerated Development / Wadsworth Development Group in the transaction. Jim Mitchell of Retail Advisors Southwest represented the tenant. The new store is expected to open in 1Q 2014 and is part of Accelerated and Wadsworth redevelopment of the entire shopping center.
>> Velocity Retail’s Andy Kroot represented Goodwill of Central Arizona in a new 28,260 SF store just north of the SWC of Thunderbird and 7th St. The landlord is 7Bird Property Partners and was represented by Barry Light of Light Retail.
>> Velocity Retail’s Michael Clark and John Jackson sold a former Albertson’s store to LEAD Charter Schools. They represented the owner, ACC Retail Associates, which is a partnership between Scanlan Kemper Bard Companies and Praedium Group. The 59,549 SF store is at the SEC of Ray and Cooper in Chandler and sold for $1.35M. The buyer was represented by Joan Krueger of RE/Max Commercial. The school will be converting the space into a charter school which is expected to open for the Fall 2014 school year. The building is part of a disposition assignment that Velocity is been marketing which included six total stores.
>> In a separate transaction on behalf of ACC Retail Associates, Michael Clark and Darren Pitts sold the 60,080 SF, 100% occupied Lee Lee Oriental Supermart at the SWC of Cactus and 75th Ave. to Arizona Partners, whose representative was their principal, Bob Rusing. The purchase price was $2M.
>> Ron Ault and Judi Butterworth of Velocity Retail negotiated a sale of Starbuck’s Plaza on behalf of First Financial Collateral. The 4,569 SF multi-tenant pad building is at 4605 E. Chandler Blvd. in Phoenix. The building sold for $1.176M ($257.38 psf) and was 66% occupied by Starbuck’s and Jersey Mike’s Sub’s. Chip Diamond of Diamond Properties represented the buyer Sereno 501, LLC.
>> John Jackson and Michael Clark of Velocity represented the Landlord, AEGON USA Realty Advisors at Greenway Crossings at the NEC of Greenway and Loop 303 in Surprise. They finalized a 5-year, 2,116 SF lease with T.E.A.M. 4 Kids, LLC. The tenant is a medical and educational business that works with children of disabilities providing physical, occupational and speech therapy. Randy Kicklighter of Greenstreet Commercial represented the Tenant in the transaction. The tenant is planning on opening in June of this year.
>> Something in the Water leased 989 SF at Greenway Crossings at the NEC of Greenway and Loop 303 in Surprise. The Landlord, AEGON USA Realty Advisors and the tenant were represented by John Jackson and Michael Clark of Velocity. The tenant will be operating a store selling aquariums, fish and accessories. They are expected to open in May of this year.
>> Velocity Retail’s John Jackson and Michael Clark represented the landlord of Campus Village West at the NWC of Thunderbird Rd. and 49th Ave. in Glendale in a 5-year, 1,200 SF transaction with Nail City. The new store is expected to open in May of this year.