Tag Archives: Michael Clark

Moon Valley Towne Center

Goodwill to open new stores other Velocity Retail transactions

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.

 

Velocity Retail Group

Velocity Retail Group Reports First Retail Absorption Since Recession

Phoenix Metropolitan retail recorded positive net absorption for the third straight quarter as recorded in statistics just released by Velocity Retail Group through June 30, 2012.  This is the first positive absorption recorded since before the “Great Recession” in November of 2008. After 12 consecutive quarters of negative absorption, the last three quarters of positive absorption signal a healing that has begun and shows that we are well on our way to a solid recovery.

Dave Cheatham, managing principal of Velocity Retail Group commented on this positive trend, saying, “Since late 2011 we have been seeing an up-tick in retailer activity.  National tenants are exploring their expansion opportunities, value oriented retailers have been taking advantage of the big box spaces that have been vacant, and local and regional tenants are opening new stores.

“Landlords are figuring out how to structure deals with quality tenants, and fill those empty spaces,” said Cheatham. “Whether it’s a combination of free rent, additional build-out monies, or favorable rent structures for the first few years, they’re getting it done.”

Michael Clark, vice president at Velocity, states, “There is over 1.2 million square feet of net absorption through the second quarter of 2012.  The Phoenix retail market has not seen annual positive absorption since 2008. The overall vacancy rate for Metropolitan Phoenix has been showing consistent improvement in the past year with a recorded decline of over one percentage point in the past year.  This is extremely good news.”

Velocity Retail reports second quarter of 2012 ended with a vacancy rate of 12.2%.  Just one year ago, in the second quarter of 2011, the vacancy rate was 13.4% which is an improvement of 1.2% in this twelve month period.

Velocity Retail Group sees a favorable outlook for the Commercial Retail market for 2012.  With improved tenant activity from national and local retailers, and some of the obsolete retail spaces being absorbed by non-retail uses (such as schools, medical facilities or call centers), the vacancy rate should continue improve and by mid-2013 be between 9.9% and 10.5%.

For more information on Velocity Retail Group, visit their website at www.velocityretail.com.