PHOENIX, ARIZ. Velocity Retail Group’s Brian Gast, Senior Vice President represented the buyer in the $8.3MM investment sale of Mountain View Marketplace, located at 3131 E. Thunderbird Road in Phoenix. Fortis Development, LLC of Arizona purchased the center which totals approximately 172,000 square feet. The Seller was Mountain View Shopping Plaza, L.P. a California limited partnership.
The shopping center included a vacant Safeway store, which Velocity Retail recently leased to VASA Fitness. Other tenants include a Walgreens and a host of restaurants and service related businesses serving the surrounding community. VASA Fitness will be 55,000 square feet and is expected to open in October 2019.
“The new owners have plans to redevelop and refresh the center with a new color scheme, signage, parking lot and lighting as well as updated architectural features,” said Gast.
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