Goodwill of Central Arizona lease sold in Queen Creek

Velocity Retail Group completed the sale of the lease to the building Goodwill of Central Arizona. (Submitted photo)

Velocity Retail Group Investment Division completed the $5.7 million NNN investment sale of a 25,000-square-foot Goodwill of Central Arizona store at the Heritage Square shopping center in Queen Creek at the southeast corner of Rittenhouse and Ellsworth roads.

The project is a joint venture between Wadsworth Development Group and Accelerated Development Services who purchased the 14.5 acre site at the end of 2015 and developed the center over the last three years, according to a press release.

Other tenants in the center include Wendy’s, Wienerschnitzel, Palette Collective, Salad and Go, Bridgestone Firestone and Sodalicious.

Velocity Retail Group’s Dave Cheatham, Darren Pitts, and Eli Castronova represented the seller in the transaction (JKG, LLC), the single-purpose entity of Wadsworth Development Group and Accelerated Development Services.

Patrick Stafford of Mahoney and Associates from Monterey, California represented the buyer, Santiago Villa, in the transaction, a release states.

The Goodwill is on a 2.85 acre parcel within the shopping center and opened in January of 2017. This is one of two other recent NNN investment sales completed in the project by the Investment team at Velocity Retail Group.

“The property is in the heart of the retail core for Queen Creek. Goodwill is a quality tenant that will provide a good income stream to the buyers for years to come,” Mr. Castronova said in a prepared statement.

The Queen Creek Independent publishes a daily newsletter and website. A print edition is mailed each month to 24,000 homes.

You are encouraged to leave relevant comments but engaging in personal attacks, threats, online bullying or commercial spam will not be allowed. All comments should remain within the bounds of fair play and civility. (You can disagree with others courteously, without being disagreeable.) Feel free to express yourself but keep an open mind toward finding value in what others say. To report abuse or spam, click the X in the upper right corner of the comment box.

Facebook Comment