Phoenix, (June 8, 2012) - Darren Pitts, Executive Vice President of Velocity Retail Group represented the buyer of Superstition Triangle, a 163,892 square foot retail center on 12.75 acres at the northwest corner of Baseline and Greenfield Roads in Mesa, Arizona. The center consists of a large box space of 144,500 square feet, which was originally built for K-Mart but was never occupied until American Home Furnishings occupied it for several years before their stores in the Valley closed. The site also includes a 10,121 square foot retail strip building and a restaurant building. The buyer, 1944 South Greenfield Road, LLC is an investment group based in Texas who has plans to open the first Garden Ridge store in the western United States in the 144,500 square foot big box space.
Darren Pitts, Executive Vice President and co-leader of Velocity Retail Group’s Investment Advisory Services Division commented on the sale, "There is a tremendous amount of big box vacancy in the southeast Valley with only a handful of tenants for some of the largest spaces. This shopping center fit our client’s investment requirements, and helped take over 144,500 square feet out of the big box vacancy supply.” Pitts added, “Our investment division utilizes an extensive market intelligence platform to assist our clients, we are able to identify assets that are often purchased as well-below replacement costs.”
The acquisition represents one of the largest big box retail building sales in the Valley of the Sun since 2006. Michael Hackett and Ryan Schubert of Cassidy Turley / BRE Commercial represented the Seller, AHF Partners, LLC, a Delaware limited liability company through the court-appointed receiver Trident Pacific Real Estate Group, Inc.
Patrick Willis, Vice President of Real Estate, for the buyer said “We are pleased to be entering the Arizona market with our retail concept after several years of analysis on the marketplace. The store is unlike any other retailer currently in the market with so many home decorating options under one roof,” said Willis. “While Phoenix has experienced a significant housing correction, we strongly believe in Phoenix's underlying fundamentals and its future growth as a leading sunbelt state. With attractive big-box pricing in today's marketplace, we look forward to growing our brand in Phoenix with multiple regional locations."