Velocity Retail Group, LLC completed transactions totaling nearly 250,000 SF. A summary of each transaction follows:
Velocity Retail Group’s Darren Pitts and Michael Clark negotiated a lease with Mattress Firm for 23,958 square foot space at Sonora Village located on the southwest corner of Frank Lloyd Wright and Loop 101 in Scottsdale. The landlord was represented by Zach Pace of Phoenix Commercial Advisors. The store will be a unique, outlet-format for Mattress Firm, which accounts for the larger store-size, and is expected to open in the first quarter of 2014.
Goodwill Industries of Central Arizona has chosen the Prescott Valley Shopping Center at the northeast corner of Highway 69 and Lake Valley Road in Prescottfor a 25,076 square foot, build-to-suit store. The 15 year lease with Prescott Valley Shopping Center, LP was negotiated by Andy Kroot of Velocity Retail Group.
Deseret Book Company finalized a lease re-negotiation on their 5,000 square foot lease with RED Development at Chandler Festival Shopping Center, Chandler Road and Loop 101 in Chandler. Larry Miller, John Jackson, and Jim Edwards of Velocity Retail Group represented the tenant in the negotiation, which resulted in a 30% savings on the remaining lease balance.
Andy Kroot of Velocity Retail Group represented the tenant, Krispy Kreme Doughnuts in a six year lease of a 1,910 square foot retail space located at the Promenade at Casa Grande Regional Center, Casa Grande. The tenant plans to open for business in the first quarter of 2014. The landlord, Casa Grande Retail, LLC, is owned by Macerich.
Velocity Retail Group’s Dave Cheatham and CBRE’s Mark Krison represented Mega Furniture in a 144,000 square foot warehouse transaction at 3941 W. Mohave Street in Phoenix. The landlord, Amir Development Company, of Beverly Hills, California was represented by Don MacWilliam from Colliers International. This represents an expansion and relocation from Mega Furniture’s existing location at Van Buren and 51st Avenue. The company is tripling the amount of warehouse space to accommodate growing sales, and 10 Valley locations. The facility is expected to open in the first quarter of 2014.
Velocity Retail’s Darren Pitts represented the tenant, Arizona Room Store in the lease of a 33,862 square foot space at Happy Valley Towne Centre on the southeast corner of Happy Valley Road and the I-17 in Phoenix. The space was previously Circuit City. The landlord Vestar Development, was represented by Eric Termansen of Western Retail Advisors. This is the 12th Arizona location for The Room Store, and is expected to open the first quarter of 2014.
Darren Pitts and Michael Clark represented the tenant, Mattress Firm in a five year lease of 3,737 square feet at Tatum Pointe on the southwest corner of Tatum Road and Bell Road in Phoenix. The landlord, West Valley Properties, was represented by Regan Amato of Phoenix Commercial Advisors. After a total redesign of the exterior of the space, the store opened in November.
E-Vapor Zoneleased a 975 square foot space at Corona del Sol on the southeast corner of Ray Road and Rural Road in Tempe.The landlord, Pacific West Land was represented by Larry Miller, Jim Edwards, and John Jackson of Velocity Retail Group. This is the first Arizona location for E-Vapor Zone and is expected to open in January, 2014.
Dubliner Irish Pub & Restaurant extended their lease of a 5,300 square foot space at Paradise Square located on the southwest corner of Thunderbird Road and 40th Street in Phoenix. Velocity Retail Group’s Jim Edwards, John Jackson and Larry Miller represented the tenant.The landlord, Manatee Investments, was represented by Case Huff & Associates. The negotiations resulted in a rent reduction for the remaining 10 months of the current lease term and saved the tenant over $30,000.