Latest deals from Velocity Retail Group, Land Advisors, Marcus & Millichap

Real Estate | 6 Apr |

Here are Velocity Retail Group’s recent transactions

(Phoenix, Arizona) April 5, 2018.   Velocity Retail Group recently completed over 30 transactions totaling nearly 1 million square feet of retail space, land and big boxes.  Following are a few highlights of some of the activity:

Velocity recently completed its 3rd new location for Kay Jewelers in Arizona.  

Dave Cheatham, Darren Pitts and Morgan Danhoff represent Signet, which includes the brands of Kay Jewelers, Zales, and Jared.  The team recently finalized three locations for Kay Jewelers concept:

• A new store of 2,007 SF will soon open in Prescott Valley Crossroads located at the SWC of Highway 69 and Sundog Ranch Road.  

• In the Tucson Spectrum shopping center at the southwest corner of Interstate 19 and Irvington Road recently opened a new 2,660 square foot store.  

• In the Queen Creek District shopping center, located at the southeast corner of Rittenhouse and Ellsworth Roads in Queen Creek recently opened a new 2,998 SF store.

My Salon Suite

Bret Olson and Dave Cheatham represented My Salon Suites to open their first Phoenix location at the 51 Bells center located at the SWC of Bell Road and 51st Avenue.  The 5,876 SF store will open this fall.

Scottsdale Fiesta Retail Center Gets New Tenant

AZ MediQuip will lease 3,749 SF of space at the southwest corner of Shea Boulevard and 90th Street in Scottsdale.  Brian Gast of Velocity Retail represented the Landlord in the transaction.  Gordon Raguse of Cushman & Wakefield of Arizona represented the Tenant, which is expected to open in the 4th quarter of 2018.  

Prime Sleep – Three New Locations

Velocity Retail completed its 3rd location for Prime Sleep, a new mattress concept to the Arizona market.  The chain will open over a dozen stores throughout Phoenix in the next 18 months.

• Gateway 101 Center – NEC – Frank Lloyd Wright / Loop 101 – 4,440 SF

• Westgate – SEC Glendale / 95th Avenue – 4,461 SF

• Lake Pleasant Pavilion – SWC Happy Valley Road / Lake Pleasant Parkway – 5,000 SF

Dave Cheatham and Darren Pitts of Velocity Retail represent the tenant in Arizona, working with Bryan Cornelius of Venture Commercial in Dallas, Texas as the Master Broker for Prime Sleep.  

Burgerim

A new burger concept to Arizona will soon open their doors at the northeast corner of Loop 202 and Gilbert Roads in Chandler.  The 2,646 SF restaurant will be situated on a pad in front of LA Fitness at Rivulon.  Expected opening is 4th quarter of 2018. (www.burgerim.com)

Baseline / 67th Avenue – Land Sold

Brad Ranly of Velocity Retail sold 9.24 acres on the northwest corner of Baseline Road and 67th Avenue for $1,100,000 to a private investor. The property is situated just west of the new Loop 202 Freeway and will be held for future development.  

Sahuarita Crossing – Three New Tenants

The 150,000 square foot project located at the southeast corner of Nogales Highway and Abrego Drive in Sahuarita, Arizona recently welcomed a 29,748 square foot Sprouts Farmers Market to the center.  TJ Maxx, Beall’s Department Store, Petsmart will open this spring.

Other recent tenants finalized include:

• MOD Pizza – 2,853 SF

• Go Wireless (Verizon) – 2,700 SF

• Saigon Nails – 1,300 SF

The center is leased by Brian Gast and Dave Cheatham of Velocity Retail Group, with Brenna Lacey of The Volk Company in Tucson as co-listing agents.  Bonnie Arlia and Brian Gast represent Go Wireless throughout Arizona.  The ownership group is a partnership between Accelerated Development Services and Wadsworth Development Group.  

Bahama Buck’s Expands in North Phoenix

Bret Olson and Darren Pitts represented Bahama Buck’s in their newest location at Greenway Village, located at the southwest corner Greenway Road and 32nd Street.  The 1600 square foot location plans to open in the 2nd quarter of 2018.  This is the 3rd new location that Velocity Retail has negotiated for this tenant in the Phoenix area, with more planned.  Alex Shapiro of Arizona Partners represented the Landlord in the transaction.

Wienerschnitzel Expands in Queen Creek

A new 1,300 SF free-standing location will be built at Heritage Square, located at the southeast corner of Old Ellsworth Road and Rittenhouse in Queen Creek this fall.  This is the first new Wienerschnitzel location in Arizona in several years.  Darren Pitts and Dave Cheatham of Velocity Retail represented the tenant.   Brian Gast and Dave Cheatham represented the owner, Wadsworth Development Group in a partnership with Accelerated Development Services, an affiliate company of Velocity Retail Group.  

Catholic Charities Buys Land in Central Phoenix for New Campus

Manzanita Village Associates, an entity controlled by Catholic Charities has purchased approximately 31,000 SF at 5103 N. 19th Avenue in Phoenix for $689,000.  Mike Fitz-Gerald of Velocity Retail Group and Matt Fitz-Gerald of Colliers International represented the buyer in the transaction.  This site, along with five other properties stretching from Camelback to Colter will become the new campus for Catholic Charities.  On the site they also have plans to build 250 units for a low income housing project, as well as include a farmer’s market.      

Missouri / 7th Avenue – NWC

Finesse Styles will open their first location in a 975 SF hair salon and barbershop in June.  Bret Olson represented the tenant in this transaction.  Brian Gast also of Velocity Retail Group represented the Owner, F. & S. Management II, LLC.  

KB Home developing subdivision in Mesa

Land Advisors Organization’s Scottsdale team of Ben Heglie, Bret Rinehart and Ryan Semro represented the sellers, Allred Family LTD Partnership and Jerry L. Allred in the recent $5,570,347 cash transaction to buyer, KB Home Phoenix Inc.

KB Home has assembled 25 acres located just east of the northeast corner of Lindsay Road and Southern Avenue in Mesa to develop a 108-lot community called Allred Ranch. The company plans to build on lots averaging 5,290 square feet. The homes will range from approximately 1,700 square feet to 2,800 square feet with pricing expected from $270,000 to $320,000. The models are scheduled to open in second quarter.

For more information regarding the Phoenix metro market and specifically these transactions, contact Ben Heglie at bheglie@landadvisors.com, Bret Rinehart at brinehart@landadvisors.com or Ryan Semro at rsemro@landadvisors.com.

Marcus & Millichap sells Pinnacle Peak Plaza

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Pinnacle Peak Plaza, a 14,996-square foot office property located in Scottsdale, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $1,100,000.

Kelly F. O’Dea, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company private investor.  The buyer, a private investor, was secured and represented by Richard Butler, Senior Vice President Investments in Marcus & Millichap’s Phoenix office. 

“Our sale of Pinnacle Peak Plaza is a perfect example of how collaboration and our culture of information sharing greatly benefits our clients,” says Sarbinoff.  “Rich Butler, an apartment expert, and Kelly O’Dea, an office specialist, teamed up to ensure their respective clients were able achieve their goals. Our agents provide prospective buyers with access to the largest inventory of exclusively listed properties. As a result, yield-driven investors who are unable to achieve yield requirements in one product are able to pursue a variety of different investment vehicles to achieve their objectives.”

Pinnacle Peak Plaza is located at 26546 N Alma School Rd in Scottsdale, AZ.

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