Sun State Builders has broken ground on the First Industrial project in Tolleson, AZ. The 386,100-square foot cross dock distribution facility situated on 21.2 Acres will be complete by December of this year and will serve as the new home of Mattress Firm and other tenants. The Class A building will offer 36-feet clear height, K-25 ESFR, cross dock configuration and state-of-the-art tenant improvement features. This development is a collaborative design-build project between SSB, First Industrial and Merit Partners. “We are proud to partner with a leading national developer to design and construct a first class office/warehouse,” says Erik Powell, Sales and Development Manager for Sun State Builders.
The following is a summary of recent retail transactions completed by Velocity Retail Group, LLC.
Anytime Fitness opening in northeast Phoenix
Michael Clark, Larry Miller and John Jackson from Velocity Retail represented the landlord, Scottsdale Land Company, LLC, an entity of Wadsworth Development, in the 5,955 square foot 10-year transaction at the northeast corner of Thunderbird and 40th Street in the Paradise Shopping Plaza. The space was formally occupied by Total Woman Gym. Anytime Fitness is represented by CBRE’s Jami Savage, the new gym is estimating a grand opening in March of 2016.
WSS Shoes opens first location in Phoenix market
Andy Kroot, Darren Pitts and Nick Ault represented WSS Shoes in the sublease of a former 12,000 square foot Shoe Carnival building. The store is located in the Mesa Ranch shopping center on the northwest corner of Southern and Stapley. Jake Schumer of HILCO represented Shoe Carnival. The planned opening of is the 3rd quarter in 2015 will mark the first expansion for WSS Shoes into the Phoenix market.
XGT Fitness by Smart Gym energizes Park West Shopping Center
The team of Michael Clark, Larry Miller, and John Jackson also represented Howard Hughes Corporation in the lease of an 8,925 square foot space to Blu Phoenix, the parent company of XGT Fitness by Smart Gym. The lease is signed for 13 years and is located at Park West on the northwest corner of Northern and the Loop 101. President of Blu Phoenix, Drew Marsh, stated that Smart Gym’s new prototype, XGT Fitness, will accommodate everyone’s fitness needs by combining group fitness classes with a complete gym. Representing the tenant was Velocity’s Larry Miller and John Jackson. The gym is set to open November of 2015.
Val Vista Towne Center to get Nature’s Health Vitamin Shoppe
Brian Gast, Larry Miller and John Jackson of Velocity Retail represented the landlord, North American Development Group in the lease of a 1,262 square foot space in Val Vista Towne Center at the southwest corner of Warner and Val Vista Roads in Gilbert . The new tenant, Nature’s Health Vitamin Shoppe, was represented by Bryant Commercial’s Jonvieve Bryant. . This five year deal is expected to open in October of 2015.
Mattress Firm adds new location in Tucson
Velocity Retail Group’s Darren Pitts and Michael Clark represented Mattress Firm in the lease of a 6000 square foot building in the Rancho Center, on the southeast corner of Speedway and Camino Miramonte in Tucson, Arizona. The building was leased from Rancho Center, LLC for five years. Debbie Heslop of Volk Company represented the landlord in this transaction. The new location is set to open in the fourth quarter of 2015.
Mattress Pro expands further Into Tucson market
Darren Pitts and Michael Clark also teamed up to represent Mattress Pro in the leasing of a 6683 square foot building on the southeast corner of Oracle and Limberlost in Tucson, Arizona. The landlord on the five year lease is Oracle/Limberlost Shopping Center, LLC. The new store is also set to open in quarter four of 2015.
Mattress Firm to open new location on Broadway Boulevard in Tucson
Darren Pitts and Michael Clark represented Mattress Firm in the leasing of a 4,800 square foot building on the northeast corner of Broadway Blvd., and Pantano Rd. in Tucson, Arizona. The landlord on the five year lease Broadpan Properties, LLC, was represented by Cushman & Wakefield’s Aaron Laprise and Greg Furrier. The new store is set to open in the 4th quarter of 2015.
Baskin Robbins leases space from Desert Troon in southeast valley
Brian Gast of Velocity Retail represented the landlord, Desert Troon, in the lease of a 1500 square foot space in the Township Plaza on the southwest corner of Gilbert and Baseline. The new tenant, Baskin Robbins, was represented by Mathew Ault of Voit Commercial. This five year deal has an opening date set for September of 2015.
Hoda’s Gadgets takes space in Bell Tower Plaza
Larry Miller and John Jackson represented Bell Tower Plaza, LLC in the lease of a 1040 square foot space to Hoda’s Gadgets. Bell Tower Plaza is located on the northwest corner of Bell Road and 63rd Avenue. Set to open in 2016 lease marks the first location for the tenant, Hoda’s Gadgets.
OHM breaks ground in Phoenix market
OHM Factory leased a 1,200 square foot space from Red Mountain Retail Group. Velocity Retail’s Brian Gast represented the Landlord in the lease. It’s opening in July marked the first valley location for the tenant.
Following is a summary of recent retail transactions completed by Velocity Retail Group, LLC.
Andy Kroot of Velocity Retail Group represented Goodwill of Central Arizona in the purchase of 82,106 square feet of land for a new commercial maintenance facility. The lot, which was purchased from Satnam, LLC, is located just east of central Phoenix on the northeast corner of 32nd Street and Van Buren Road.
Velocity Retail Group’s Larry Miller and John Jackson represented Paragon Vison Sciences, the leader in CRT Lenses, in relocating and expanding to a 45,000 square foot facility at 2120 West Guadalupe Road in Gilbert, Arizona. AZCAL, LLC is the Landlord for this 10-year lease, which was represented by Tom Louer and Stein Koss from Lee & Associates. Paragon Vision Sciences has estimated an October 2015 opening date for the new location.
The duo also represented Arizona Greenway Hirani Investments, LLC in the 10-year lease of a 6,000 square foot building to Humana’s Iora Health. Located at the northeast corner of 32nd Street and Greenway Avenue in Greenway Park Plaza, this new clinic helps Humana expand their Iora Health brand into North Phoenix. DTZ’s Dev Gupta represented Humana in the transaction; which is set to open in October of 2015.
Velocity’s Larry Miller, John Jackson, and Brian Gast teamed up to represent Val Vista Village Square, LLC in the lease of a 2,400 square foot space to Susie’s Wigs. This is a relocation of the business to the southeast corner of Cooper Road and Baseline Road in Mesa. Susie’s Wigs was represented by Jane Lee with DPR Commercial in the 5 year deal which is set to open this month.
Larry Miller, John Jackson, and Michael Clark represented NorthStar Retail in the lease of a 3,184 square foot space to Shea Animal Hospital in Phoenix. This relocation is next door to their existing facility in Shea Plaza III, at the northwest corner of Shea Blvd., and 32nd Street. Their former location is being razed to make way for a new mid-rise apartment complex. The new hospital is expected to open by September of 2015.
Michael Clark and Darren Pitts at Velocity represented Mattress Firm in the leasing of a 10-year, 4040 square foot space on the southwest corner of 75th Avenue and Bell Road. The landlord is a venture formed by Wadsworth Development and Accelerated Development Services. The store is expected to open in the fourth quarter of 2015.
Velocity Retail Group Represented V’s Barber Shop in the lease of two separate facilities. The first is a 1200 square foot space on the northeast corner of 7th Street and Missouri Avenue in the Cinema Park Shopping Center. The second is an 1100 square foot facility on River Road at Campbell Avenue in Tucson, Arizona. Both leases are 10-year deals and expand V’s footprint to eleven stores in Arizona.
Colliers International in Greater Phoenix recently completed the sale of 21.2 acres of land in Tolleson, where a 386,100-square foot cross dock distribution building is to be completed by December of this year.
First Industrial Realty Trust Inc., a Chicago-based publically-traded REIT, purchased the land and teamed up with Merit Partners Inc. of Phoenix to develop the site, located at the northeast corner of 94th Avenue and Buckeye. First Industrial will be the 100% owner of the building and expects to invest a total of $21.1 million in the facility.
The transaction was negotiated by Payson MacWilliam and Don MacWilliam, executive vice presidents, and Jimmy Leaf, associate, with Colliers International.
The development team is headed by Kevin Czerwinski, president of Merit Partners and a 30-year veteran of commercial real estate in the Valley. Prior to founding Merit Partners, Czerwinski led the Phoenix region for First Industrial and was responsible for the acquisition, development and sales of more than $1.2 billion of industrial and flex properties.
Sun State Builders of Tempe will construct the Class A building. It will offer 36-feet clear height, cross dock configuration and state-of-the-art features.
Mattress Firm has signed a long-term lease for 170,000 square feet represented by Daum Commercial Real Estate Services of Phoenix’ Steve Bodeman, executive vice president of Daum in association with Damian Rivera, president of national account services for E Smith Realty Partners of Dallas. Mattress Firm will take occupancy of its lease upon the building’s completion.
Colliers represented the owner, First Industrial Realty Trust, in the lease transaction. The remaining 216,000 square feet is available to lease.
“The timing of the new building was perfect for Mattress Firm’s expansion from their current location right next door,” said Bodeman. Payson MacWilliam added, “The development team was creative to allow this lease to occur.”
Merit Partners specializes in acquisitions, development, asset repositioning, leasing, operations and sales of industrial, flex and office properties. First Industrial Realty Trust owns and has under development more than 64 million square feet of distribution centers and other industrial facilities in the nation’s top markets.
Velocity Retail Group, LLC has released a summary of their recent retail transactions including:
Velocity Retail Group’s Darren Pitts, Michael Clark and John Jackson sold a 50,684 square foot former Fry’s grocery store located at 825 W. University Drive in Mesa, Arizona. The building was sold to Geyser Management, LLC for $950,000, who is putting Planet Fitness in the building. Shelby Tworek from NAI Horizon represented the Buyer. This is one of two other disposition projects that Velocity is handling on behalf of Fry’s.
Andy Kroot at Velocity represented Goodwill Industries of Central Arizona, Inc. on a 28,880 square foot lease at Riveria Plaza and the northwest corner of University and Gilbert Road in Mesa. The Landlord was 1900 Univ AZ, LLC.
Mega Furniture USA leased a 35,000 square foot location at Gateway Pavilions at the northwest corner of McDowell Road and 99th Avenue in Avondale. Dave Cheatham of Velocity Retail represented the tenant in the transaction. This will be Mega Furniture’s eleventh location in Phoenix as they enter their 12th year in business. The store is expected to open in the next quarter.
Michael Clark and Darren Pitts represented Mattress Firm in a 7,000 square foot location at Emerald Center, at the northeast corner of Warner and Interstate 10 in Tempe. The landlord is Emerald I-10, LLC. The store is expected to open in the first quarter of 2016.
Brian Gast represented Desert Troon Properties in a 2,537 square foot lease to MOD Pizza at Superstition Gateway West at the southwest corner of US 60 and Signal Butte in Mesa. The tenant was represented by Phoenix Commercial Advisors and is expected to open in the 3rd quarter of 2015.
The parent company for Smart Gym, Blu Phoenix, LLC worked with Larry Miller and John Jackson on their new corporate headquarters location at Paradise Valley Corporate Center, 4835 E. Cactus Road. This is the first corporate office for the company, and the 2,092 square foot location opened in March.
Michael Clark, John Jackson and Nick Ault from Velocity Retail represented the Landlord, Northsight Scottsdale Crossing, LLC in a 3,200 square foot transaction for The Sliding Door Company at the northeast corner of Raintree and Northsight in Scottsdale. The tenant was represented by Jim Lieberthal of Cutler Commercial and is expected to open in the third quarter of 2015. This will be the company’s first location in Arizona.
Judi Butterworth from Velocity represented Firehouse Subs in a new 2,400 square foot store at the northeast corner of Acoma and Scottsdale Road in Scottsdale. This site marks the sixth location for this operator who handles the markets of Scottsdale, Fountain Hills and Prescott. The building is an adaptive reuse of an existing flex building. The landlord was represented by Chris Hollenbeck at DTZ.
Darren Pitts and Michael Clark represented Mattress Firm on a 10-year 3,500 square foot location at the southeast corner of Pinnacle Peak Road and Scottsdale Road in the Silverstone Marketplace. The landlord, Eisenberg Companies was represented by Ryan Amato. The new store is slated to open in May of this year.
Velocity Retail Group’s Larry Miller and John Jackson represented the landlord, Greenway Park Plaza LLC on a 1,200 square foot lease to Boost Mobile. The new store will be the fifth location for this operator and is located at the northeast corner of Greenway Road and 32nd Street in Phoenix. The store opened at the end of March.
Mattress Firm signed a 3,800 square foot lease at the northeast corner of U.S. 60 and Alma School Road in Mesa. Velocity’s Darren Pitts and Michael Clark represented the Tenant in the 10-year transaction. The landlord, STR Fund X, LLC was represented by Phoenix Commercial Advisors, Chuck Wells. The store is expected to open in July of this year.
The Hen House Cafe will be occupying 2,434 square feet at the northeast corner of Pecos and Lindsay at the Shops and Spectrum Village. This will be the second location for this popular downtown Gilbert restaurant. Brian Gast of Velocity Retail represented the landlord in the transaction. TJ Zaharis at Cobe Real Estate represented the Tenant, which is expected to open in the 2nd quarter of this year.
Edward Jones Investments was represented by Velocity’s Larry Miller and John Jackson on a 1,630 location at 49 W. Main Street in Mesa, AZ. Edward Jones continues to re-position their locations throughout the Phoenix area with the Miller / Jackson team. This particular location was relocated from an office building to this historic and newly remodeled building in downtown Mesa.
Throughout November, the largest U.S. retailer of mattresses, Mattress Firm, hopes to raise visibility around the nation’s fourth leading cause of cancer death as it recognizes National Pancreatic Cancer Awareness Month and makes a commitment to raise $1 million through the Mattress Firm Foundation.
These funds will directly impact research at the Translational Genomics Research Institute (TGen) towards earlier detection and treatment of the disease.
“As a national company with a footprint of more than 1,700 stores, we at Mattress Firm hope to help raise awareness of this deadly and complex disease,” said Steve Stagner, president and CEO of Mattress Firm. “Many of our team members have been personally touched by the disease and lost loved ones, and we dream it’s possible to extend the lives of our friends and loved ones through our funding and awareness-building programs. It used to be that only four percent of people with pancreatic cancer would live to survive another birthday. Now, thanks to clinical trials, 40 percent are living to see another year.”
Mattress Firm is partnering in the fight against pancreatic cancer with Phoenix, Ariz.-based TGen, a non-profit biomedical research organization that focuses on developing earlier diagnostics and treatments of diseases, including pancreatic cancer.
Pancreatic cancer, which kills nearly 40,000 U.S. residents each year, is frequently referred to as a “silent killer” because it is challenging to detect at early stages, and when found, is difficult to treat. The $1 million commitment from the Mattress Firm Foundation will directly fund a research study on new imaging methods that may allow for earlier and more accurate detection of pancreatic cancer, before it spreads to other organs.
“This extraordinary gift demonstrates the leadership that Mattress Firm has brought to the battle against pancreatic cancer,” said TGen Foundation President Michael Bassoff. “The contributions by Mattress Firm staff and customers will be put to work immediately to help bring new answers to patients as soon as possible.”
Mattress Firm began its partnership with TGen in 2011 to help fund the institute’s aggressive search for the cure for pancreatic cancer. TGen’s Distinguished Professor and Physician-In-Chief Dr. Daniel Von Hoff, considered one of the world’s leading experts on pancreatic cancer, has been instrumental in improving the survival rate for patients diagnosed with the disease.
“Round Up” for Pancreatic Cancer in November
This month, Mattress Firm is asking its customers to donate to the cause through a “Round Up” for pancreatic cancer fundraiser at point of purchase. By rounding a purchase up to the nearest dollar, ten dollars or even hundred dollars, each sale will directly benefit the Mattress Firm Foundation’s support of TGen’s clinical trials and early detection.
“For every $1 million raised, we can fund an additional clinical trial,” said Stagner. “Each trial brings us closer to finding a cure. Together, we can dream it’s possible to make this a reality in our lifetime.”
Mattress Firm stores across the country will also participate in local runs/walks and other fundraising events in their communities. Last year, more than 1,000 stores and 2,000 employees participated in local events in November alone.
In August, Velocity Retail Group, LLC completed 18 deals totaling nearly 300,000 square feet spanning from Texas to Arizona, Utah and Oregon. Below is a summary of those transactions.
Ahwatukee will soon have a new 22,565 square foot store for Goodwill Industries of Central Arizona. The retailer will be opening in the Foothills Shopping Center at the northeast corner of Ray Road and 48th Street in Phoenix. Formerly a Michael’s, the tenant was represented by Velocity Retail Group’s Andy Kroot.
Darren Pitts of Velocity Retail Group, and Chris Peters of Capital Pacific in San Francisco represented the seller, J & M Management, LLC in the sale of 10011 Metro Parkway East in Phoenix. The buyer, Tombstone Tactical was represented by Larry Miller of Velocity Retail in the purchase of the 5,425 square foot former Verizon store. Tombstone Tactical has a location in Chino Valley and is growing their business by opening this second store.
Judi Butterworth of Velocity Retail represented the seller, Sooner Frye Price, LLC in the $1.5 million sale of 2.4 acres at the southeast corner of Frye Road and the Loop 101 Freeway in Chandler, AZ. The buyer will open a Chuck E. Cheese restaurant on the parcel. The buyer, Melvin Property #3260 LLC currently has 14 restaurants in multiple states. He was represented by Western Retail Advisors. The property is adjacent to the Hilton hotel.
Moon Valley Towne Center at the southeast corner of Bell Road and 7th Street will soon have two new tenants. Orange Theory Fitness will be opening a 3,090 square foot location adjacent to Hobby Lobby in October of 2014. Additionally, Cartridge World will be opening a 1,260 square foot store. This is a relocation from an existing location. The Landlord, NorthStar Realty Finance Corp. is represented by John Jackson, Larry Miller and Michael Clark of Velocity Retail Group.
Brian Gast of Velocity Retail Group represented the landlord of Scottsdale Fiesta shopping center at the southeast corner of Shea Boulevard and the Loop 101 Freeway in a 3,749 square foot lease to Watercolors High Fashion. The new store recently opened for business. Danielle Davis of LevRose Real Estate represented the tenant in the transaction.
Dave Cheatham of Velocity Retail Group represented Mega Furniture in three separate transactions in San Antonio and Austin, Texas. Working with Nick Altomare of The Retail Connection in San Antonio, the team leased a 29,487 square foot location at 125 NW Loop 410 in the La Plaza Del Norte shopping Center. RPAI was the landlord for this 10-year deal. In a second transaction, Mega Furniture purchased a former K-Mart building located at 3150 Pat Booker Road in San Antonio. The 72,454 square foot building is located on 11.15 acres. These stores are expected to open in the next quarter. In the third transaction in Austin, Texas, Mega Furniture leased a 31,736 square foot building at 3815 Dry Creek Drive in Austin, Texas. The landlord is Sandalwood Management in this 10-year lease. Todd Wallace of Jones Lang LaSalle worked with Velocity Retail group on this transaction. Look for more locations to be announced in the coming months as Mega Furniture expands its Arizona footprint in Texas.
Velocity Retail’s Darren Pitts and Chad Moore of Mountain West Retail represented Mattress Firm in a new 4,084 square foot location at 598 W. Main Street in American Fork, Utah. The site was a former Rubio’s.
Goodwill Industries of Central Arizona, Inc. was represented by Velocity’s Andy Kroot in a new 25,000 square foot location at the northeast corner of Ellsworth Road and Heritage Square in Queen Creek, AZ. The Landlord is E.R. 15, LLC.
Popeye’s Louisiana Kitchen was represented by Dave Cheatham, Darren Pitts, Michael Clark, and Nick Ault of Velocity Retail Group in the 15-year lease of a parcel that will accommodate a 2,695 square foot freestanding building at The Pavilions at Talking Stick at Indian Bend Road and Loop 101 in Scottsdale, AZ. The Landlord is De Rito Pavilions 140, LLC.
Ashley Furniture Stores will open a 15,505 square foot location in the Cascade Village Shopping Center in Bend, Oregon. The tenant was represented by Darren Pitts of Velocity Retail Group and Mark New of New & Neville from Portland, Oregon in the 10-year lease transaction. The store is expected to open this fall.
Larry Miller and John Jackson of Velocity Retail Group represented Edward Jones Investments in two separate transactions. First in a 1,436 square foot lease at Bell Plaza North shopping center located north of the northwest corner of Bell Road and Boswell Road in Sun City, AZ. This location is expected to open by January 2015. The second transaction is a 915 square foot location at the southeast corner of Baseline Road and Hawes in Mesa, AZ. The store is expected to open in October of this year. Edward Jones continues to reposition their stores into more prominent locations including office buildings. Look for more transactions in the near future.
Andy Kroot of Velocity Retail Group represented Goodwill Industries of Central Arizona in a 25,000 square foot transaction at the southeast corner of 99th Avenue and Lower Buckeye Road in Phoenix, AZ. The Mack Southwest Corporation is the landlord for this build-to-suit location.
Total Sports Therapy leased 3,238 square feet in Lone Mountain Landing at Cave Creek Road and Lone Mountain Road in Cave Creek, AZ. The Landlord, NorthStar Realty Finance Corp. is represented by John Jackson, Larry Miller and Michael Clark of Velocity Retail Group. The tenant is expected to open in October of this year.
Goodwill Industries of Central Arizona, Inc. is opening a 25,000 square foot location north of the northeast corner of RH Johnson Blvd., and Camino Del Sol in Sun City West, AZ. Brown Grace 6 Investments, LLC is the landlord for this build-to-suit location.
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.
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.
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.
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 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.