Phoenix, Ariz. – Velocity Retail Group Investment Division completed the $2,200,000 NNN investment sale of a 2,400 square foot Starbucks store at The Crossing at Sahuarita shopping center south of Tucson, Arizona. The building is located at 18729 S Nogales Highway in Sahuarita, Arizona and recently opened for business in April of 2019.
Velocity Retail Group’s Eli Castronova, Darren Pitts and Dave Cheatham represented the Seller in the transaction (FAE Holdings 461354R, LLC), a Utah Limited Liability company of Wadsworth Development Group and Accelerated Development Services. The Buyers Yasunari Yamada and Michiko Yamada were represented by Kevin Chin, Managing Director for SVN Pacific Commercial Advisors based in San Francisco, California.
“We were able to identify a high quality 1031 buyer for this premier retail investment. The asset has excellent visibility along Nogales Highway in the strongest retail intersection in the Sahuarita trade area. Single-tenant net leased Starbucks assets continue to be in strong demand and this attractive investment is no exception,” said Castronova.
The Crossing at Sahuarita was awarded NAIOP’s Retail Project of the year for 2019 and is a joint venture between Wadsworth Development Group and Accelerated Development Services. The 104,444 square foot center is the first grocery-anchored center to be built in Sahuarita in the last decade. Major tenants in the project include Sprouts Farmers Market, TJ Maxx, PetSmart, and Beall’s Outlet. Starbucks and Chipotle occupy pad buildings along Nogales Highway. The adjacent free-standing Chipotle is also available for sale.
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
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