REAL ESTATE

Upgraded Phoenix center sells for $8.3 million

BY Al Urbanski

Velocity Retail Group has converted a double play in Phoenix, completing the sale of Mountain View Marketplace after filling its empty anchor space with a new tenant.

Velocity senior VP Brian Gast brokered the $8.3 million sale of the 172,000-sq.-ft. center to Fortis Development shortly after signing Vasa Fitness to a lease for the 55,000-sq.-ft. space vacated by Safeway.

The center also includes a Walgreens and a roster of restaurants and service-related tenants.

“The new owners have plans to redevelop and refresh the center with a new color scheme, signage, parking lot, and lighting, as well as updated architectural features,” Gast said.

Velocity Retail Group is a member of X Team Retail Advisors, a platform of 400 retail professionals in 38 offices nationwide.

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