Velocity Retail Group May Transactions
Velocity Retail Group completed seven transactions in May totaling nearly 100,000 SF. A summary of each transaction follows:
>> Velocity Retail’s Dave Cheatham, Andy Kroot and Darren Pitts represented the Landlord, De Rito Pavilions, 139, LLC in a 10-year transaction for Conn’s Appliances, Inc. at the Pavilions at Talking Stick shopping center at the NWC of Indian Bend Rd. and the Loop 101 in Scottsdale. The tenant will be occupying 36,200 SF of space in the former Best Buy. Todd Folger of CBRE represented the tenant.
>> Pet Club signed a 10-year lease to open in a former Ace Hardware store south of the SWC of Chandler Heights and Power Rd. in Gilbert. The 20,086 SF store will open in the fall. The landlord, Ulrich Horst Hamfler of the 2002 Hamfler Family Trust, was represented by Michael Clark, Nick Ault and John Jackson of Velocity Retail, and the tenant was represented by Greg Saltz of Phoenix Commercial Advisors.
>> Michael Clark and John Jackson of Velocity Retail represented the landlord, Wadsworth Velocity Ventures – Kingman, LLC in a new 10-year transaction with Sears Hometown. The new 7,680 SF store will be opening this summer in the newly redeveloped Kingman Frontier Plaza shopping center is at the SEC of I-40 and Stockton Hill Rd. in Kingman. The store is relocating from their existing freestanding location nearby.
>> Velocity Retail’s Jim Edwards and Larry Miller represented the Landlord, Carioca Company in negotiating a 10-year lease for Creating Magic Salon in a shopping center east of the SEC of Indian School Rd. and 32nd St. in Phoenix. The 1,800 SF store is expected to open in August. The tenant was represented by Chad Merwin of Commercial Properties, Inc.
>> Swap and Save Market is opening a new 13,750 SF store at 3522 W. Peoria Rd. in Phoenix. Andy Kroot of Velocity Retail represented the landlord, Pacific 35th & Peoria, LLC. The tenant will be joining 99 Cent Only and Goodwill of Central Arizona in the shopping center. The store is expected to open in 3Q 2013.
>> Michael Clark, John Jackson and Nick Ault of Velocity represented Pacific West Development in negotiating a new 1,100 SF lease for State Farm Insurance at Peoria Crossings at the NWC of Northern and 91st avenues in Peoria. Brian O’Connor of Tri West Real Estate represented the tenant in the transaction. State Farm is relocating from an existing store and is expected to open in their new location this summer.
>> Goodwill Industries of Central Arizona is opening a 4,560 SF workforce development location at Southgate Mall at 3140 S. 4th Ave. in Yuma. The tenant is represented by Andy Kroot of Velocity Retail. The landlord is Southgate Mall, LLC.