Following is a summary of recent retail transactions completed by Velocity Retail Group, LLC.
Velocity Retail Group’s Andy Kroot represented the Seller in the sale of a single-tenant 1,850 square foot Starbuck’s store on 23,000 SF of land at the southwest corner of McKellips Road and Scottsdale Road in Tempe, Arizona. The building was sold to TEMK Investments Fremont, LLC for $2,420,000. Jon Stansbury of DTZ represented the Buyer.
Larry Miller and John Jackson from Velocity Retail represented the buyer, Western American Investments, LLC in the purchase of a 1,252 office condo building located west of the northwest corner of Warner and Lindsay in Gilbert, Arizona for $106,420. The new owner of the building then leased it to Edward Jones Investments. The tenant is relocating one of their existing Gilbert offices to this new location at the Warner Plaza Office Condominiums. Jackson and Miller also represented Edward Jones on the five-year lease. Edward Jones is expected to open on July 1st of this year. Edward Jones is strategically repositioning existing offices throughout the Southeast Valley with the exclusive assistance of Miller and Jackson at Velocity.
Michael Clark and Darren Pitts represented Mattress Firm in two separate transactions this month. First a 4,200 square foot location in Sierra Vista at the northeast corner of Fry Blvd., and Arizona 92.
The new store is expected to open in December of 2015 and will be the first store in the market.
Next a 3,800 square foot location at the northeast corner of Acoma Drive and Scottsdale Road. The landlord of this redeveloped building is SJJ Development, who was represented by Chris Hollenbeck at DTZ. This location is expected to open in the 2nd quarter of this year.
Velocity’s Brian Gast represented Courage Honor Strength Brazilian Jiu-Jitsu in a 2,880 square foot three-year lease at Pollack Plaza at the northwest corner of Elliot and Arizona Avenue. The tenant is expected to open in the 2nd quarter of 2015.
John Jackson and Larry Miller of Velocity represented the landlord, AEGON USA Realty Advisors, LLC in a 1,447 square foot 5-year transaction with The Decal Shoppe in the Greenway Crossings shopping center located at the northeast corner of Greenway Road and Loop 303 in Surprise, Arizona. This is the first retail location for the tenant, which is expecting to open in May of this year.
Nick Ault of Velocity Retail represented Floyd’s 99 Barbershop in their first corporate store lease in the Arizona market. The 1,500 square foot store will be located at Arrowhead Festival at the northeast corner of Bell Road and 75th Avenue in the former Starbuck’s building. The tenant is planning on opening in the 3rd quarter of this year, with a 10-year term.
Larry Miller, John Jackson and Michael Clark of Velocity Retail represented the Landlord, Chandler in the Spotlight in a 2,500 square foot lease at The Chandler Shops, located at the northeast corner of Loop 202 and Chandler Village Drive. The tenant, LDVinci Art Studio signed a 7-year lease and plans to open in August of 2015. This is a relocation of an existing store.
Darren Pitts and Michael Clark represented Mattress Pro for two separate transactions. First is a 4,000 SF location at the northwest corner of Broadway and Craycroft in Tucson, Arizona. The landlord, SFR Associates, LLP was represented by CBRE’s Nancy McClure. This store is expected to open in the 4th quarter of 2015. Next is a 3,500 square foot store at the northeast corner of Grant and Swan in Tucson, Arizona. The landlord, Scarlet Investments, RLLC was represented by McClure. This location is expected to open in the 4th quarter of 2015.
Velocity Retail Group’s Larry Miller and John Jackson represented the landlord, Howard Hughes Corporation on a 1,400 square foot lease to Mystic Nails. The new store is a 5-year renewal of an existing lease and is located at the northwest corner of Northern and Loop 101 in the Park West shopping center.