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.