Velocity Retail Group, along with Riverway Retail have recently negotiated a new 55,000 square foot lease for Hobby Lobby at Queen Creek Crossing located at the northwest corner of Queen Creek Road and Ellsworth Road in Queen Creek. The newly constructed shopping center will be anchored by Queen Creek’s first Costco store, which is slated to open in 2Q 2023. Dave Cheatham, President, Bonnie Arlia, Senior Vice President of Velocity Retail, and Scott Shillings, President of Riverway Retail have worked together to grow the popular brand throughout the Phoenix metro area since 2006. Since that time the team has negotiated 11 new store locations. There are four more in the works bringing the store count in the Phoenix area to 16 once all are open and complete.
“Hobby Lobby entered this market during the height of the Phoenix’s explosive economic and commercial growth from 2006 – 2008. We were able to secure prime locations in the several trade areas for the initial roll out,” said Cheatham.
“Hobby Lobby has been able to occupy some of the larger vacant big boxes throughout Phoenix. At the time several were former Mervyn’s stores. This helped re-energize those shopping centers by bringing a quality anchor tenant to the sometimes, long vacant anchor space,” added Cheatham.
This transaction is one of many 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.