Velocity Retail Group $5.7M NNN Sale of Goodwill of Central Arizona in Queen Creek

PHOENIX, ARIZ. –  Velocity Retail Group Investment Division completed the $5,700,000 NNN investment sale of a 25,000 square foot Goodwill of Central Arizona store at the Heritage Square shopping center in Queen Creek.  The shopping center is located at the southeast corner of Rittenhouse Road and Ellsworth Road in Queen Creek.  The project is a joint venture between Wadsworth Development Group and Accelerated Development Services who purchased the 14.5 acre site at the end of 2015 and developed the center over the last three years.  Other tenants in the center include, Wendy’s, Wienerschnitzel, Palette Collective, Salad and Go, Bridgestone Firestone and Sodalicious.  

Goodwill

Velocity Retail Group’s Dave Cheatham, Darren Pitts, and Eli Castronova, represented the Seller in the transaction (JKG, LLC), the single-purpose entity of Wadsworth Development Group and Accelerated Development Services.  The Buyer, Santiago Villa was represented in the transaction by Patrick Stafford of Mahoney & Associates from Monterey, California.  

The Goodwill is located on a 2.85 acre parcel within the shopping center and opened in January of 2017.  This is one of two other recent NNN investment sales completed in the project by the Investment team at Velocity Retail Group.  “The property is in the heart of the retail core for Queen Creek.  Goodwill is a quality tenant that will provide a good income stream to the buyers for years to come,” said Castronova.  


About Wadsworth Development Group

Wadsworth Development Group is a vertically integrated regional real estate firm with its headquarters in Draper, Utah. It provides development, management, and brokerage services throughout the intermountain West for a wide range of clients and partners. Its Arizona office is in Scottsdale. http://www.wadsdev.com/

About Velocity Retail Group

Headquartered in Phoenix, Arizona with an office in Tucson, Velocity Retail Group (www.velocityretail.com)  provides a full range of commercial real-estate services including leasing and selling of shopping centers, tenant representation, land advisory, consulting, investment consulting, capital market solutions, development to retail tenants, and redevelopment to owners of retail real estate throughout the West. Velocity Retail Group is a member of X Team Retail Advisors a platform of 400 retail professionals in 38 offices nationwide.  For more information, visit  www.xteamretail.com

About Accelerated Development Services

Accelerated Development Services was created to provide our tenant clients with the ability to secure, develop, and construct properties in areas where finding quality locations are challenging. The company primarily offers services that include build-to-suit, construction management and fee development in partnership with a retailer.  Accelerated Development Services is an affiliate company of Velocity Retail Group.  The company primarily focuses their efforts on the markets in the Southwest from Texas to California. www.Accelerateddevelopment.com

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