14.5 ACRES PURCHASED IN QUEEN CREEK FOR NEW SHOPPING CENTER PROJECT

A joint venture of Wadsworth Acquisitions, LLC and Accelerated Development Services, a division of Velocity Retail Group, purchased a 14.5 acre parcel located south of the southeast corner of Ellsworth and Rittenhouse Roads in Queen Creek. The site was purchased for $3.1 million.  The seller was DVD Heritage Square, LLC of Kansas.  The parcel is located in the heart of the Heritage Square development district and is the last major shopping center site in the trade area.

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Wadsworth Development and Accelerated Development Services are developing the 110,000 square foot shopping center.  Plans include junior anchor boxes from 15,000 to 25,000 square feet, shop space for lease and pads for sale or lease.  With very little new retail development occurring over the past six years, the Queen Creek trade area has emerged as one of the hottest for retailers to expand in Phoenix.

 

Darren Pitts, executive vice president at Velocity commented on the already robust tenant interest in the project, “We have had discussions with several tenants already and are negotiating with national retailers and restaurants.  The interest in this project and trade area is very strong.”

 

Queen Creek is a dynamic trade area boasting some of the highest median incomes in the Valley.  The area also has one of the lowest vacancy rates of 3.9% as of the 3rd quarter of 2015, while metropolitan Phoenix’s overall vacancy rate is 9.8%.  The area has also recorded strong absorption of over 60,000 square feet in 2015, which is 13% of the Valley’s total absorption.

 

Harkins Entertainment opened a 14-screen theater in March of this year in the Queen Creek Marketplace. Other national retailers that have recently opened, or will be opening soon include Sprouts, Home Goods, Red Robin and a host of restaurants including Chop Shop, Café Rio, Jersey Mike’s, In-N-Out Burger, Chick fil A, and retailers such as Mattress Firm, AT & T, and Supercuts. “Queen Creek has captured most of the new shopping center construction over the past 18 months.  There have been almost no shopping centers that have broken ground in the Valley during the recession. This property is situated in the midst of a strong retail corridor and is a well-located in-fill parcel,” said Dave Cheatham, president of Velocity Retail Group.

 

Leasing is being spearheaded by Velocity Retail Group’s Michael Clark, Cheatham, Pitts and Kroot.

 

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