February 7, 2013

AZRE

Velocity Retail Group January Transactions

 

Velocity Retail Group completed 8 transactions in January totaling more than 250,000 SF. A summary of each transaction follows (including one in Utah):

>> Judi Butterworth represented the tenant in a 5-year, 30,000 SF deal at the NEC of Germann/Gilbert in the Crossroads Towne Center shopping center. The tenant is Baby Town, a new concept to the Phoenix retail scene. This will be its first location. Western Retail Advisors represented Vestar Development Company in the transaction. The store is expected to open in May 2013.

>> Michael Clark and John Jackson represented the seller of a 4.87-acre parcel at the NWC of Coldwater Springs and Avondale Rd. in Avondale. The buyer, Moreland Properties was represented by Haugen Commercial, George Haugen. The buyer is a speculator intends to hold the parcel for future resale.

>> John Jackson, Nick Ault, and Michael Clark represented the landlord at Crossroads Plaza at the NWC of Peoria and 67th Ave. in a 5-year 1,200 SF smoke shop. The tenant’s trade name will be 59th Avenue Smoke Shop, Inc. and is expected to open in February.

>> Mattress Firm finalized a 5-year lease for a 6,539 SF retail space at 4035 Riverdale Rd. in Riverdale, Utah. The shopping center is called Riverdale Shopping Center and has R.C. Willey, Best Buy, JC Penney, Lowe’s, TJ Maxx, and Ulta as co-tenants. Darren Pitts of Velocity and Chad Moore of Mountain West Retail represented the tenant in the transaction. The Landlord, Riverdale II S. C., an entity controlled by The Boyer Company, was represented by Coldwell Banker, BRG. The store is expected to open in April of this year and will be the 16th location for this tenant in Utah.

>> John Jackson, Nick Ault, and Michael Clark represented the landlord of Bell Tower Plaza at the NEC of Bell Rd. and 63rd Ave. in a 5-year 1,040 SF restaurant by the name of Sushi Catcher. The tenant is expected to open in February.

>> Andy Kroot represented Goodwill Industries of Central Arizona in a 1,601 SF donation center at Fulton Ranch Towne Center at the SEC of Ocotillo and Arizona avenues in Chandler. The landlord of the shopping center is RED Development of Ocotillo, LLC. The tenant is expected to open in March.

>> John Jackson, Nick Ault, and Michael Clark represented the Vector Commercial Properties, the owners of Campus Village West at the NWC of Thunderbird and 49th Ave. in Glendale in a new 5-year lease of 750 SF for Mystic Tobacco. The tenant recently held its grand opening.

>> John Jackson, Nick Ault, and Michael Clark represented the owner of Greenway Crossing at the NEC of Loop 303 and Greenway Rd. in Surprise in a 5-year 1,589 SF lease transaction for Mr. Goodcents Deli Fresh Subs. The tenant was represented by SR Commercial’s Tyson Switzenberg. The tenant opened in January.