PHOENIX, ARIZ. – Velocity Retail Group completed the $2,876,000 NNN investment sale of two ground leased properties at the Heritage Square shopping center in Queen Creek. The parcels are located at the southeast corner of Rittenhouse Road and Ellsworth Road in Queen Creek. The shopping center 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, Goodwill of Central Arizona, Palette Collective, Salad and Go, Bridgestone Firestone and Sodalicious.
Velocity Retail Group’s Dave Cheatham, Darren Pitts, and Eli Castronova, represented the Seller in the transaction (Wadsworth Queen Creek, LLC), the single-purpose entity of Wadsworth Development Group and Accelerated Development Services. The Buyer, Trevellyan Investment Company L.P. was represented in the transaction by Brandon Trevellyan, from Capital Real Estate Ventures, Inc.
The Wendy’s and Wienerschnitzel are located on frontage pads in the center. The Wendy’s is built on a 1.01 acre parcel, and opened in the fall of 2017. Wienerschnitzel is under construction and slated to open in the first quarter of 2019 on a 1.02 acre parcel.
“The property is well located in a growing trade area in the southeast valley. The tenants are well-known national brands and are generating a long term income stream for the buyer,” said Castronova. “This transaction filled the goals for both the buyer and seller, and we were pleased to be able to bring the parties together,” he added.
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 is an affiliate company of Velocity Retail Group, and continues its interest in build-to-suit and buy-to-suit opportunities for retailers looking to expand. The company primarily focuses their efforts on the markets in the Southwest from Texas to California.www.Accelerateddevelopment.com.