Tag Archives: Mattress Firm

Mattress Firm, Velocity Retail

Velocity Retail Negotiates First Mattress Firm Supercenter for Arizona

The first Arizona, large-format Mattress Firm is coming to Scottsdale in the first quarter of 2014. The 23,958 square foot outlet store will be one of the largest Mattress Firm Supercenters in the country, and will offer buyers a huge selection of mattress choices at outlet prices.

Typically seeking stores between 3,500 and 5,000 square feet, Mattress Firm approached Darren Pitts, Executive Vice President of Velocity Retail Group with a special request; find a warehouse-sized space in an affluent location with high-traffic, national tenants, and great visibility. The new store, located in Sonora Village at the southwest corner of Frank Lloyd Wright Boulevard and Loop 101, offers all of that and more.

Pitts and Michael Clark, Vice President with Velocity, identified the center with co-tenants such as Walmart Supercenter, Sam’s Club, Best Buy, Staples and Kohl’s, the center draws thousands of shoppers every day. The intersection has excellent access to Loop 101 on- and off-ramps at both the Frank Lloyd Wright and Raintree interchanges. The new store’s location also boasts phenomenal visibility to Hayden Road, Frank Lloyd Wright Boulevard, and the Loop 101. Traffic passing the site exceeds 130,000 cars per day.

“Mattress Firm continues to strengthen its leadership position and this location speaks volumes about to their continued commitment to the Phoenix marketplace. This dominant flagship location in North Scottsdale is at the convergence of the Loop 101, Frank Lloyd Wright Boulevard, and Hayden Road will serve the affluent Northeast Phoenix and North Scottsdale trade areas. We were pleased to have secured such a prominent location in this important submarket for our client,” said Pitts.

Founded in Houston, TX in 1986, Mattress Firm is one of the nation’s premier specialty bedding retailers, offering a broad selection of both traditional and specialty mattresses, bedding accessories and related products. With the largest geographic footprint in the United States among multi-brand mattress specialty retailers, Mattress Firm not only provides sleep solutions, but opportunities in hundreds of communities.

VelocityRetail_MattressFirm_SonoraVillage

Velocity Retail Releases Recent Transaction List

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.

PrescottGateway, Cassidy Turley

The Shops at Prescott Gateway Sold by Cassidy Turley

Cassidy Turley sold The Shops at Prescott Gateway, a ±34,671 SF shopping center adjacent to Prescott Gateway Mall, on the SWC of Highway 69 and Lee Boulevard in Prescott. Cole Real Estate Investments, Inc. purchased the property for $12.77M from RED Development. Cassidy Turley’s Ryan Schubert and Michael Hackett represented RED Development during the sale transaction.

According to Schubert, “The Shops at Prescott Gateway received tremendous interest from the market as Red Development built another irreplaceable, destination asset. Despite its perceived secondary market location, the property received over a dozen offers.”

Built in 2012, The Shops at Prescott Gateway is a five building retail center anchored by Trader Joe’s with a national and regional tenant base, including Five Guys, Great Clips and Mattress Firm. The center was 93 percent occupied at the time of sale.

Tony Pena, Brian Cashman

Yankees’ GM supports TGen Research

A top official of the New York Yankees whose father passed from pancreatic cancer has joined a prestigious national panel organized by the Translational Genomics Research Institute (TGen) to fight this aggressive disease.

Brian Cashman, Senior Vice President and General Manager of the vaunted Yankees Major League Baseball franchise, has joined TGen’s National Advisory Council for Pancreatic Cancer Research.

TGen’s National Advisory Council leads a critically needed funding effort and promotes a deeper public understanding of pancreatic cancer, the nation’s fourth-leading cause of cancer death, which in 2012 took the lives of nearly 44,000 in the U.S. and nearly 235,000 worldwide.

Cashman lost his father, John, in September after a 10-month battle with pancreatic cancer. He had wanted his Yankees to reach the World Series as one last gift to his father.

“My father loved the Yankees. There are a lot of people who face these kinds of challenges, and they look to the Yankees to provide positive inspiration. For my father, the Yankees were always something he could look forward to,” he said. “I welcome the responsibilities and challenges of my role in the fight against pancreatic cancer. I have a personal experience to draw from, and coupled with my unique standing within the fabric of baseball, I’d like to believe I can make the type of contribution my father would be proud of.”

Cashman was invited to join TGen’s National Advisory Council by another council member, Arizona Diamondbacks President and CEO Derrick Hall, who in 2011 lost his father, Larry, to pancreatic cancer, even as Derrick was fighting his own battle with prostate cancer.

The Yankees and Diamondbacks played one of the game’s iconic 7-game World Series in 2001.

In addition to Cashman and Hall, another MLB official, David Dombrowski – President, CEO and General Manager of the Detroit Tigers – also is a member of the National Advisory Council for Pancreatic Cancer Research.

Other members of TGen’s National Advisory Council are: Raymond Bojanowski, Co-founder and Co-chairman of the Seena Magowitz Foundation; Karl Glassman, Chief Operating Officer and Executive Vice President of Leggett & Platt Inc.; Diane Halle,
President of the Bruce T. Halle Family Foundation and the Herbert K. Cummings Charitable Trust; Steve Hilton, Chairman and Chief Executive Officer of Meritage Homes Corp.; David Lane, President of the Lane Affiliated Companies; Roger Magowitz, President and Founder of the Seena Magowitz Foundation; Vincent McBeth, President of the The McBeth Group International and a retired U.S. Navy Commander; Larry Rogers, President and CEO of the Sealy Corp.; Steve Stagner, President and CEO of the Mattress Firm; Louis A. “Chip” Weil III, retired Chairman, President and CEO of Central Newspapers Inc.; and Howard Young, President of the General Wholesale Company.

“Brian Cashman is a powerful addition to TGen’s National Advisory Council. His personal experience, championship reputation, and national visibility will be a huge boost to TGen’s fight against pancreatic cancer,” said Michael Bassoff, TGen Foundation President.

Cashman joined the Yankees as a 19-year-old intern and now commands one of the most demanding jobs in sports. During 25 seasons, he has earned five World Series rings. At age 30, he became the youngest GM to win a World Series. And during 1998-2000 he became the only GM in Baseball history to win World Series titles in each of his first three seasons.

Benenson Capital - Retail Leasing

Benenson Capital Partners Signs Major Tenants To More Than 90,000 SF In Tucson

Benenson Capital Partners signed a string of major tenants to a total of 90,450 SF at its retail property located at the NEC of Broadway Blvd. and Craycroft Rd. in Tucson, Richard A. Kessler, COO of Benenson Capital Partners, announced.

Nancy McClure of CBRE’s Tucson office represented the landlord, East Broadway Tucson Co. LLC (Benenson Capital Partners), in negotiating all of the long-term lease agreements. The exact financial terms of the transactions were not disclosed.

Popular arts and crafts merchant Hobby Lobby signed a 50,000 SF lease, making the national retailer the largest tenant at the center. The tenant is expected to take occupancy of the majority of the retail space formerly housing Mervyns in the last quarter of 2012, marking its first store in the Tucson market. Hobby Lobby was represented by David Leathers of Northbrook, IL-based D.E. Johnson & Associates, Inc. in the lease negotiations.

Stein Mart, a high-end, off-price national retailer, which has committed to 34,000 SF at the retail center, will lease up the balance of the former Mervyns space. The new storefront will serve as Stein Mart’s second Tucson location. Construction of the new store will commence immediately and the retailer is expected to take occupancy before the 2012 holiday selling season. Florida-based Stein Mart was represented by David Darr of The Place in San Antonio.

In addition, The Vitamin Shoppe has signed a 3,200 SF lease. The retailer will occupy space at a multi-tenant pad located in front of the future Stein Mart store, along Broadway Rd. The Vitamin Shoppe is expected to move into its new storefront once construction of the pad is complete. The tenant was represented by Tom Woods of Colliers International in Phoenix and Jerry Willis of Bialow Real Estate, LLC in Atalanta.

One of the largest specialty bedding companies in the world, Mattress Firm also signed a long-term lease for 3,250 SF next to the Vitamin Shoppe. The tenant is expected to open for business in 1Q 2013. Darren Pitts of Velocity Retail Group in Phoenix represented Mattress Firm.

“Benenson Capital Partners is thrilled to welcome these prominent national retailers to the property,” Kessler said. “All of the tenants are all best-in-class retailers in their respective markets, and will offer a diverse range of products to the community. We are proud to be able to continue our commitment to the City of Tucson through the transformation of this currently vacant site into a new, vibrant shopping center.”

According to McClure, “There is a tremendous amount of pent-up demand in our marketplace and this site was on the shortlist of a number of major national retailers and restaurant chains. When Mervyns was here, this was one of its top-preforming stores, which speaks volumes to the power of the site’s potential for new retailers entering this trade area.”

Plans call for redevelopment of the entire property, which was vacated by Mervyns three years ago after the retailer filed bankruptcy and closed all of its stores nationwide. Benenson has completely redesigned the building’s exterior façade and added a demising wall to create a second space. In addition, they are razing the vacant tire store on the corner and replacing it with a new 14,500 SF mulit-tenant retail pad. Limited space is currently available on the pad but is anticipated to be fully leased shortly.

For more information on Benenson Capital Partners, visit www.benensoncapital.com.