Velocity Closed all Five of the Largest Big Box Deals of 2011

The final results are in for Costar’s top retail transactions for 2011.  In a recent article, Costar revealed the deals that made the grade and tallied into the largest ones done in recent years.

Costar 2011 Transaction Report

Velocity Retail Group came out on top in not just the largest deal, but the 2^nd, 3^rd, 4^th, and 5^th largest deals for 2011.   The transactions represented by Velocity Retail spanned the gamut of uses from home furnishings and accessories to fitness centers.

The largest transaction was Pruitt’s Furniture who purchased a 62,757 square foot former Albertson’s building in Chandler at the northwest corner of Ray Road and Alma School Road.  This location will be Pruitt’s flagship location for the Southeast Valley. Dave Cheatham, managing principal with Velocity Retail Group represented the Buyer, and Michael Clark, also with Velocity, represented the Seller.  The 2^nd and 3^rd largest transactions were Hobby Lobby stores in both Scottsdale and Chandler.  This retailer has opened eight stores in Phoenix over the last several years and has been a boon to Landlords with large vacant boxes to fill.  Hobby Lobby is represented by Cheatham, who has managed their aggressive expansion program since 2005.  Each of these stores totaled just over 55,000 square feet.  

Costar Article on Pruitt’s Transaction

The fourth largest deal for 2011 was for Brass Armadillo Antiques who leased the 41,600 square foot former Sportsman’s Warehouse.  This tenant signed a 10-year deal at the southwest corner of McDowell Road and Dysart Road in Goodyear.  Michael Clark and Chip Thor of Velocity negotiated the transaction. Currently operating in north Phoenix, this will be the second store in the metro area.  Other locations are in Des Moines, Denver, Omaha, and Kansas City.  Brass Armadillo is an antique dealer with a “national retailer” feel.  Clark, a Vice President with Velocity, commented on the location, “This site was a great fit for Brass Armadillo, as they are able to utilize the existing building and improvements, and will be open in a short amount of time with limited out of pocket expense.” He added, “The incredible freeway visibility and solid co-tenancy with JC Penney and Lowe’s Home Improvement, should really drive customer traffic.”

Rounding out the fifth spot was Mega Furniture with a new lease in Mesa totaling 41,750 square feet.  This is the eighth location for Mega Furniture as they have aggressively expanded their stores during this recession opening six of their stores in the last three years.  Read more about these transactions from Costar’s recent article.  

“Velocity Retail has a very experienced real estate team whose primary focus is big box leasing,” said Dave Cheatham, Managing Principal at Velocity.  “We are trying to do our best to lower unemployment in Arizona by bringing more retailers into Phoenix one box at a time,” he jokingly added.  

“When you analyze the statistics of the market, it was interesting to see that our brokers completed more big box transactions in 2011 than any other single company,” said Darren Pitts, Executive Vice President at Velocity.  “In fact, out of the top 15 transactions, our company played a part in nearly 50% of them,” he added. 

In total during 2011, Velocity Retail leased 22 big box transactions adding up to almost three-quarters of a million square feet of retail space.  

At Velocity Retail we know our way in, around

and out of any box.

2011 Big Box Deals Signed by Velocity Retail Group Agents

Client / Tenant	Location	Size	Velocity Agents
Mountainside Fitness	Scottsdale Pavilions	33,695 SF	Darren Pitts, Dave Cheatham, Andy Kroot
Hobby Lobby	Chandler	55,175 SF	Dave Cheatham
Brass Armadillo Antiques	Goodyear	46,100 SF	Michael Clark, Chip Thor
Goodwill of Central AZ	Peoria	35,000 SF	Andy Kroot
Pruitt’s Furniture	Chandler	62,757 SF	Michael Clark, Dave Cheatham
Goodwill of Central AZ	Mesa	32,398 SF	Andy Kroot
Hobby Lobby	Scottsdale Pavilions	55,000 SF	Dave Cheatham
Mattress Firm	Tucson Store and DC	24,997 SF	Darren Pitts
Goodwill of Central AZ	Phoenix	28,000 SF	Andy Kroot
Mega Furniture	Mesa	41,750 SF	Dave Cheatham
La-Z Boy	Glendale	14,351 SF	Darren Pitts
Rally House	Independence, MO	13,571 SF	Dave Cheatham, Darren Pitts, Pat Sauer
Goodwill of Central AZ	Glendale	27,324 SF	Andy Kroot
Big Lots	West Los Angeles	28,626 SF	Dave Cheatham, Darren Pitts, Pat Sauer
Mattress Firm	Salt Lake City	30,857 SF	Darren Pitts
Ashley Furniture	Santa Maria, CA	14,600 SF	Darren Pitts
Goodwill ReDesign	Scottsdale	19,176 SF	Andy Kroot
Furniture King	Phoenix DC Center	14,121 SF	Andy Kroot, Joshua Stewart
Goodwill of Central AZ	Tempe	28,000 SF	Andy Kroot
Mega Furniture	Gilbert	23,018 SF	Dave Cheatham
Chuck E Cheese	Independence, MO	15,727 SF	Dave Cheatham, Pat Sauer, Darren Pitts