Ashley HomeStore has closed escrow on 3.2 acres land at the southwest corner of Williams Field Road and San Tan Village Parkway in Gilbert, Arizona. Ashley will construct a new prototypical HomeStore of approximately 38,000 square feet on the parcel. This will be the 14th Ashley HomeStore in Arizona.
Darren Pitts of Velocity Retail Group and Aaron Hodgdon of Hodgdon Group Realty represented the buyer in the transaction. The Seller was San Tan AZ, LLC, an entity controlled by Intercapital Development based in Las Vegas, Nevada. Capital Asset Management represented the Seller.
The team is working on additional locations throughout the Phoenix metropolitan area on behalf of Ashley HomeStore. The store is projected to open in late 2019.
This transaction is one of nearly two dozen big-box deals completed by Velocity Retail Group in the past year. The firm continues to lead the retail market in big box leasing and sales and looks forward to continuing to serve its expanding retailers at the highest level.
“Ashley HomeStore continues to expand their footprint in key markets throughout Arizona,” said Darren Pitts, Executive Vice President of Velocity Retail. “The San Tan Village area is a key growth market for our brand in the Phoenix metroplex. Gilbert is one of the fastest growing residential communities in the nation. The location has great visibility to Williams Field Road and excellent access to the 202 freeway to serve the broader trade area.”
Darren Pitts, Executive Vice President, Velocity Retail Group