Velocity Retail Group completes East Valley property transactions

Old Navy opens its 19th & 20th stores in the East Valley (Submitted photo)

Velocity Retail Group recently completed dozens of transactions totaling more than 4.5 million square feet of retail, land and big boxes.

According to a press release, 25 percent of the transactions came from the retail group’s big box sales and leasing efforts.

Summary of new transactions involving East Valley properties:

  • Old Navy is leasing 12,500 square feet at the southwest corner of the US 60 Freeway and Signal Butte Road, occupying part of the former Staples space as the 19th Old Navy store in the Arizona market.
  • Iora Primary Care, a division of Humana, Inc., leased a 7,923-square-foot clinic at the northwest corner of McKellips and Recker Roads in Mesa, and is expected to open in October.
  • Sells 6,981-square-foot former bank building that sat on an approximate 1-acre parcel at the southeast corner of Guadalupe and Gilbert Roads in Gilbert. The buyer also wants Velocity Retail Group to lease the building.
  • Old Navy finalized a lease of 12,500 square feet in the Queen Creek Marketplace shopping center at the southwest corner of Rittenhouse Road and Ellsworth Road. The store occupies part of the former Cost Plus World Market space as the 20th Old Navy store in the Arizona market.
  • Prime Sleep’s fourth store in the market will occupy 4,500 square foot at the southwest corner of Williams Field Road and San Tan Village Parkway in the San Tan Pavilions Shopping Center. Opening is slated for early 2019.
  • Two Gilbert lease transactions included Nitro Live Icecreamery with 1,312 square feet, expected to open in January 2019; and Pilot Mortgage with 1,002 square feet, expected to open in the fourth quarter this year.
  • Bayshore Plaza shopping center, 730 S. Cooper Road in Gilbert, sold to Bunge Bradley, LLC in the investment sale transaction, a joint effort between Velocity Retail and CBRE.
  • Vantage West Credit Union leased a 4,000-square-foot branch to be located in a free-standing former Chase Bank building at the southeast corner of Ray and Cooper Roads in Gilbert. Vantage West is expected to open by the end of 2018.
  • Shiphaus Express leased 1,325 square feet of space at the southeast corner of Ray Road and Power Road in Gilbert. The store is expected to open in the fourth quarter of 2018.

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