Velocity Retail Group’s Brian Gast, Senior Vice President represented the landlord, DTL-SGW, LLC in negotiating a 23,586 square foot Michaels Store in a former Best Buy, located at 1628 S. Signal Butte Road in Mesa, Arizona. “Superstition Gateway is situated at Signal Butte and the U.S. 60 and is perfectly positioned to serve the east…
Velocity Retail Group’s Brian Gast, Senior Vice President represented the landlord, Fortis Development in negotiating a 55,000 square foot VASA Fitness in a former Safeway grocery store at 3131 E. Thunderbird Road in Phoenix. Russ Posorske, founder of Fortis Development commented on the transaction, “The Safeway center was put on the market when they vacated the…
Velocity Retail Group produced and hosted an educational event for NAIOP Arizona Chapter members and guests to provide an overview of the retail real estate market in Phoenix. Darren Pitts, Executive Vice President and Board Member for NAIOP Arizona moderated the event. Darren is the first retail-focused Board member for NAIOP Arizona. Darren commented after…
Darren Pitts, Executive Vice President of Velocity Retail Group represented Life Time Athletic in an 80,000 square foot lease at Biltmore Fashion Park at Camelback Road and 24th Street in Phoenix, Arizona. The club is expected to open in the fall of 2019. It is currently under construction on the east side of the mall.…
Darren Pitts, Executive Vice President at Velocity Retail Group and Dave Cheatham, President at Velocity finalized the 23,975 square foot lease for Goodwill at the southeast corner of Ray and Rural Roads in Chandler. This transaction represents another big box leased by the Velocity Retail team. The space was a former Fry’s grocery store. The…
It has been a long ten years, but the vacancy rate for the Phoenix retail market has returned to levels not recorded since 2008. As of the second quarter 2018 the vacancy rate is 7.8%. Compared to 2008 when the vacancy was 7.9%. This improvement is remarkable as our market still has a glut of…
Dave Cheatham, President, Darren Pitts, Executive Vice President and Bonnie Arlia, Senior Vice President of Velocity Retail Group recently finalized a lease of 12,500 square feet on behalf of Old Navy. The new store will be located in the Queen Creek Marketplace shopping center located at the southwest corner of Rittenhouse Road and Ellsworth Road…
Ashley HomeStore has signed a lease for a new location of 42,000 SF at 3090 Gateway Boulevard in Prescott, Arizona. The location is immediately adjacent to Prescott Gateway, the area’s only enclosed regional mall, in a location formerly occupied by The Roomstore. Darren Pitts of Velocity Retail Group and Aaron Hodgdon of Hodgdon Group Realty…
Prime Sleep, a new mattress concept for Arizona recently opened their first Phoenix area store at 15811 N. Frank Lloyd Wright Boulevard. The chain will open over a dozen stores throughout Phoenix in the next 18 to 24 months. Currently they have 10 stores in Kansas City, Missouri. Gary Cary, CEO of Prime Sleep commented…
Velocity Retail Group’s Charity Committee recently hosted a Mission Tour at the Phoenix Regional Operations Center for Goodwill of Central and Northern Arizona. The tours educate and enlighten guests on the many ways that Goodwill impacts our community. Over 40 attendees were able to join the tour which took the group through several testimonies from…