Velocity Retail Group has recently completed the purchase of a 39,841 SF parcel for their client ICAP Development, LLC. ICAP is a preferred developer for La-Z-Boy which intends to open their 3rd store in the Tucson market at this location.
The parcel is located at The Landing at the NWC of Interstate 19 and Irvington Road in Tucson, Arizona. Darren Pitts and Bonnie Arlia represented the buyer. The seller, Irvington Interstate Partners North, was represented by Allan Tanner of Bourn Advisory Services, LLC.
The Landing is anchored by Hobby Lobby, Main Event, Planet Fitness, and a host of restaurants and supporting shop tenants. The shopping center is located at the main retail intersection for southwest Tucson, and adjacent to Tucson Spectrum.
“La-Z-Boy continues to be one of the dominant furniture retailers on the national stage. We are pleased to secure their 3rd site in Tucson – a great location for them in the heart of the growing retail hub in Southwest Tucson”, commented Darren Pitts.
This transaction is one of dozens of big box deals completed by Velocity Retail Group in the past year. The firm continues to lead the retail market in big box leasing and sales and looks forward to continuing to serve its expanding retailers at the highest level.