Vacant Fry’s building sold in Apache Junction

(Special to Independent Newsmedia)

Velocity Retail Group has sold the vacant Fry’s Food & Drug store at the southwest corner of Apache Trail and Idaho in Apache Junction. Fry’s in late 2017 expanded and relocated to the northeast corner of the same intersection with a new Marketplace concept. The 62,602-square-foot vacant big box was purchased by Simon CRE and will be redeveloped for three junior anchor tenants, according to a press release.

“This is a strong retail intersection for the trade area.  There were multiple parties interested in the building, and the plans the new buyer has for the redevelopment will bring increased shopping traffic for the center,” Dave Cheatham, president of Velocity Retail Group, said in the release.

Mr. Cheatham, and Darren Pitts of Velocity Retail, along with Jeff Dinsmore from Jones Lang LaSalle’s Boston office, worked on behalf of Fry’s / Kroger to sell the building.

Headquartered in Phoenix, Velocity Retail Group commercial real-estate services including leasing and selling of shopping centers, tenant representation, consulting, land brokerage, investment consulting, development to retail tenants and redevelopment to owners of retail real estate throughout the West. Velocity Retail Group is a member of X Team International a network of 400 retail professionals in 38 offices nationwide.  For more information, visit  www.xteam.net.

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