Velocity Retail Group’s Investment Division Completes $7.1 MM Sale

 Velocity Retail Group completed the investment sale of a multi-tenant retail building at 7650 West Bell Road in Glendale, Arizona. The building was a joint venture between Wadsworth Development Group and Accelerated Development Services who purchased and redeveloped the building in 2016. The building was originally built in 1994 as a Just for Feet shoe store and was later leased by Terri’s Consign & Design before being redeveloped.

Velocity Retail Group represented both the Buyer and the Seller in the transaction. Dave Cheatham, President and Darren Pitts, Executive Vice President represented the Seller in the transaction (FAE Holdings 416300R, LLC), the single-purpose entity of Wadsworth Development Group and Accelerated Development Services. The Buyer, CH Retail Acquisitions, LLC (an entity formed by Crow Holdings of Dallas, Texas) was represented in the transaction by Brian Gast, Senior Vice President and Bret Olson, Associate Broker.

The 12,663 square foot building sold for $7,100,000. The four tenants in the building include LensCrafters, who relocated out of Arrowhead Towne Center into a new 5,006 square foot store. Zoe’s Kitchen leased a 2,997 square foot end-cap plus a patio, Cricket Wireless has a 1,658 square foot store facing 77th Avenue, and NYPD Pizza leased a 3,002 square foot endcap with expansive patio facing Bell Road.

“This building is situated at one of the most visible locations on Bell Road at one of the highest-performing regional malls in the Phoenix area,” said Pitts. “This is one of several successful development ventures our firms have completed together in recent years, and provides a well-designed and attractive building at the main entrance to Arrowhead Towne Center Mall with modern tenants and increased customer traffic.”