14.5 acres purchased in Queen Creek for new shopping center project

This map shows the 14.5-acre site south of the southeast corner of Ellsworth and Rittenhouse roads in Queen Creek and purchased for $3.1 million. Developers say its too early to discuss the names or types of tenants being pursued for the 110,000-square-foot shopping center being developed there. (Graphic courtesy of Velocity Retail Group)

This map shows the 14.5-acre site south of the southeast corner of Ellsworth and Rittenhouse roads in Queen Creek and purchased for $3.1 million. Developers say its too early to discuss the names or types of tenants being pursued for the 110,000-square-foot shopping center being developed there. (Graphic courtesy of Velocity Retail Group)

 

A joint venture of Wadsworth Acquisitions, LLC and Accelerated Development Services, a division of Velocity Retail Group, has purchased a 14.5-acre parcel south of the southeast corner of Ellsworth and Rittenhouse Roads in Queen Creek to develop as an 110,000-square-foot shopping center.

The parcel is in the heart of the Heritage Square development district and is one of the last major shopping center sites in the Town Center, Constance Halonen-Wilson, the town’s public information officer, said in an e-mailed response to questions.

The site was purchased for $3.1 million, according to a press release. The seller was DVD Heritage Square, LLC of Kansas.

Wadsworth Development and Accelerated Development Services are developing the center. Plans include junior anchor boxes from 15,000 to 25,000 square feet, shop space for lease and pads for sale or lease.

The Queen Creek trade area has emerged as one of the hottest for retailers to expand in Phoenix, according to the release.

“We have had discussions with several tenants already and are negotiating with national retailers and restaurants.  The interest in this project and trade area is very strong,” Darren Pitts, executive vice president at Velocity, said about the tenant interest in the project.

Queen Creek is a dynamic trade area boasting some of the highest median incomes in the Valley, according to the release. The area also has one of the lowest vacancy rates of 3.9 percent as of the third quarter of 2015, while metropolitan Phoenix’s overall vacancy rate is 9.8 percent. The area has also recorded strong absorption (leased space) of more than 60,000 square feet in 2015, which is 13 percent of the Valley’s total absorption, according to the release.

Harkins Entertainment opened a 14-screen theater in March of this year in the Queen Creek Marketplace. Other national retailers that have recently opened or will be opening soon near the new retain center include Sprouts, Home Goods, Red Robin and a host of restaurants including Chop Shop, Café Rio, Jersey Mike’s, In-N-Out Burger, Chick fil A, and retailers such as Mattress Firm, AT & T, and Supercuts.

“Queen Creek has captured most of the new shopping center construction over the past 18 months. There have been almost no shopping centers that have broken ground in the Valley during the recession,” said Dave Cheatham, president of Velocity Retail Group, in the release. “This property is situated in the midst of a strong retail corridor and is a well-located in-fill parcel.”

Leasing is being spearheaded by Velocity Retail Group’s Michael Clark, Mr. Cheatham, Mr. Pitts and Andy Kroot.

About Accelerated Development Services
Headquartered in Phoenix, Arizona, Accelerated Development Services is an affiliate company of Velocity Retail Group, and continues its interest in build-to-suit and buy-to-suit opportunities for retailers looking to expand in markets where there may not be quality real estate available. While focusing in markets throughout the West, Accelerated continues to expand their expertise in re-adapting shopping centers and providing asset management for its retailers and capital partners.

About Velocity Retail Group
Headquartered in Phoenix, Arizona, Velocity Retail Group provides a full range of commercial real-estate services including leasing and selling of shopping centers, tenant representation, consulting, investment sales and consulting, development to retail tenants and redevelopment to owners of retail real estate throughout the Southwest. Velocity is a partner with X Team International, an alliance of retail brokerages strategically located throughout the U.S. and Canada. X Team has a presence in every major market through 37 offices and 400-plus retail experts.

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