Velocity Retail Group has sold a vacant Fry’s Food & Drug store at the southwest corner of Apache Trail and Idaho in Apache Junction. Fry’s recently expanded and relocated to the northeast corner of the same intersection with a new Marketplace concept. The 62,602 square foot vacant big box was purchased by Simon CRE and will be redeveloped for three junior anchor tenants.
This is just one of many big box transactions completed by the team at Velocity Retail Group who specialize in big box leasing for both owners and retailers. Dave Cheatham, president of Velocity Retail Group commented, “This is a strong retail intersection for the trade area. There were multiple parties interested in the building, and the plans the new buyer has for the redevelopment will bring increased shopping traffic for the center.”
Dave Cheatham, and Darren Pitts of Velocity Retail, along with Jeff Dinsmore from Jones Lang LaSalle’s Boston office worked on behalf of Fry’s / Kroger to sell the building.
Velocity Retail Group provides our clients with a dedicated research department that tracks the activity of over 4100 buildings totaling nearly 173 million square feet of retail throughout the Phoenix metropolitan area. Our research includes retail buildings 10,000 square feet and over and specializes in big box research. If you are an investor or retailer looking to expand contact Velocity Retail Group for expert consultation and information to help you make your real estate decisions.