Velocity Retail Group’s Dave Cheatham, Darren Pitts, Brian Gast, and Brad Ranly represented the landlord, FAE Ray & Rural, LLC in a 38,253 square foot lease to EoS Fitness at the southeast corner of Ray Road and Rural Road in Chandler, Arizona.
The owners of the building, Wadsworth Development Group in a joint venture partnership with Accelerated Development Services purchased the building in September 2017 and began to redevelop the 62,190 square foot building into two distinct spaces. Goodwill of Central and Northern Arizona occupies the balance of the building and held their grand opening last August.
“The team at Velocity Retail exceeded our expectations in finalizing leases for this project. The redevelopment of this building has transformed the entire shopping center and returned vibrancy to the center. With the superb location in the trade area, this project is a win-win for all concerned,” said Tim Locher, Senior Project Manager for Wadsworth Development Group. This transaction is one of over two dozen big-box transactions recently completed by Velocity Retail Group. The firm continues to lead the retail market in big box leasing and sales.
EoS Fitness currently has 15 clubs throughout the Valley with 9 more “coming soon”. This club will be the 24th for the chain in Arizona. The tenant is represented by John Matthews and Chip Thor of Echelon Realty Advisors. This location is expected to open by year-end 2019. ( https://eosfitness.com/find-club/?cat=az)