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
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
Velocity Retail Group recently finalized another big box transaction in a former Henry’s Market at the southwest corner of Bell Road and Reems Road in Surprise, Arizona. Planet Fitness will occupy the 27,059 square foot space and be the 22nd store in the Arizona market for the chain. Darren Pitts, Executive Vice
Velocity Retail Group recently finalized two separate transactions with Old Navy and Athleta, which are part of Gap, Inc. Brands. Dave Cheatham, President and Darren Pitts, Executive Vice President for the firm have represented this retailer for over two decades in the Arizona Market. Athleta currently has over 130 stores across the
Velocity Retail Group has leased a vacant Fry’s Food & Drug store at the southeast corner of Bell Road and 7th Street. The Fry’s expanded and relocated further east along Bell Road earlier this year. The 48,000 square foot vacant big box will be split to accommodate two national retailers. Marshalls will occupy 23,475 square feet
Velocity Retail Group’s Darren Pitts represented At Home in the purchase of 8.54 acres in the San Tan Pavilions shopping center located at the southwest corner of Williams Field Road and San Tan Village Parkway in Gilbert, Arizona. The seller of the property was San Tan AZ, LLC, an entity controlled by Intercapital Development, Inc. based
Amazon has shaken the grocery food segment this week with the announcement that they intend to open 2000 Amazon Go grocery stores. Each store will be in the 2000-3000sf size range. When Amazon combines their Alexa (warehouse ordering) and opening 2000 brick and mortar stores, they meet the needs of a large portion of
