By Roland Murphy for Arizona Builder’s Exchange
Velocity Retail Group has announced the purchase of 14.5 acres near the southeast corner of Ellsworth and Rittenhouse roads in Queen Creek. The site, located in the Heritage Square development district, will be developed into a 110KSF shopping center.
Plans for the site include 15-25KSF junior anchor boxes, leasable shop space and pads for lease or purchase.
In announcing the purchase Velocity cited the area’s higher than average median incomes, low vacancy rates and significant retail interest as drivers. This property is reported to be the last major shopping center site in the trade area.
Retailers who have recently opened or will soon open spaces in the immediate area include Harkins Entertainment, Sprouts, Mattress Firm, AT&T and a variety of restaurants.
According to Wadsworth representatives, negotiations are in process with potential tenants but no deals have yet been finalized.
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