Velocity Retail Group leases 55K SF big box in Phoenix

Velocity Retail Group’s Brian Gast, Senior Vice President represented the landlord, Fortis Development in negotiating a 55,000 square foot VASA Fitness in a former Safeway grocery store at 3131 E. Thunderbird Road in Phoenix.  

Russ Posorske, founder of Fortis Development commented on the transaction, “The Safeway center was put on the market when they vacated the store for a larger format and newer location at Greenway and Tatum.  Brian did an outstanding job in identifying the opportunity for us and helping to put the deal together.”

“VASA Fitness is opening in an established shopping center which is well located to serve this vibrant north Phoenix market,” said Gast.  VASA is planning on opening in the second quarter of 2019 in this location.  Their plans are to further expand throughout Phoenix.  The tenant is represented by Eric Termansen and Bryan Babits of Western Retail Advisors.  

This transaction is one of over two dozen big box transactions completed by Velocity Retail Group this year.  The firm continues to lead the retail market in big box leasing and sales and looks forward to continuing to serve its expanding retailers at the highest level.

Advisors facilitates sale of the Marketplace at the Met

Advisors Commercial Real Estate veteran Derrell DeShaw and his team (Chuck Wells and Trask Switzenberg) represented Thompson Thrift Retail Group in the sale of the Marketplace at the Met in Chandler, Arizona.  The center was sold for $5,065,000 to an undisclosed buyer out of Illinois.

Fully occupied with all three tenants in ten-year leases and the proximity to Chandler Fashion Center Regional Mall were key elements in the sale. “An investor always looks at location and risk,” said DeShaw, “In this case, Chandler’s highly regarded tech-corridor and growing economy are ideal for investors. The tenants were secure, ideal for the area, and the retail climate of internet competition. On top of all that the developer was able to execute lease at very reasonable market rents which allows growth for an investor without stress to the tenants. It was a well-performed development.”

Darrell DeShaw specializes in retail development sourcing, leasing, acquisitions and dispositions. His team has represented Thompson Thrift Retail Group in other transactions along with the most recent Phase II redevelopment of Chandler’s Downtown Ocotillo retail. 

Marcus & Millichap sells 22-unit complex

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 2201 E. Roosevelt, a 22-unit apartment property located in Phoenix, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $1,750,000.

Richard Butler, a Senior Vice President Investments specializing in multifamily product in Marcus & Millichap’s Phoenix office had the exclusive listing and negotiated the transaction on behalf of the seller, a local family partnership and the buyer, an out-of-state exchange investor.

“Built in 1963, 2201 E. Roosevelt is comprised of recently remodeled studio apartment homes. All units are partially furnished and include new faux wood laminate flooring, new windows and double entry French doors, updated bathrooms and kitchens with granite countertops, as well as new individual HVAC units. In addition to the interior upgrades, the owner has also invested in exterior enhancements including security entrances, paved courtyard and driveway, barbecue area with granite bar, as well as updated landscaping,” said Butler.

The property is located at 2201 E. Roosevelt Street in Phoenix, Arizona.

CPI sells luxury multifamily property

Commercial Properties, Inc./CORFAC International. (CPI), Arizona’s largest locally owned commercial real estate brokerage, is pleased to announce the sale of seven multi-family units in the heart of Tempe.  Ash Property Estates is located at 907, 943, 959, 925, #1001-1004 S. Ash Avenue in Tempe, Arizona. 

These luxury rental units offer ±11,200 rentable square feet and were built in 2015.  Kimberly A. Rollins and Dallan Randall of CPI’s Multi-Family Team represented the seller, Ash Property Resurrection, LLC.  

Rollins commented, “This was a 1031 deal for a unique property in a great neighborhood with close proximity to Arizona State University and Mill Avenue that caught the attention of multiple investors.  Just down the street from the iconic Casey Moores Oyster House, the original historic single-family residence at 959 S Ash was built in the 1930’s and has been fully updated to include every modern convenience while retaining the original wood floors and charm of this historic property.” 

“Energy Efficiency and Green building were a priority during construction. Dual pane windows, superior rated spray foam insulation, variable speed pump HVAC systems all provide substantially lower utility bills than comparable units. The HVAC units themselves are coupled with MERV 8 filtration systems providing hospital grade air quality to every unit. Green features also include the use of low VOC paint, LED lighting throughout the interior of the units, energy efficient tankless water heaters, and high-efficiency washers and dryers were included in every unit,” said Randall.” 

GPCI Real Estate represented the buyer, Cranmar Family Trust, who purchased the units for $2.75 Million ($245.54 per square foot).