Velocity Retail Group Completes La-Z-Boy Sale Leaseback Transaction in Tucson, Arizona
by Hot Off The Press (Release) on May. 15, 2012, under Press ReleasesMay 11, 2012, Tucson, Arizona. Velocity
Retail Group, LLC and Ross Brown Partners, both of Phoenix, have successfully
completed a $5,512,212 million sale lease back transaction for La-Z-Boy
Furniture Galleries at 7671 East Broadway Boulevard in Tucson, Arizona.
The 21,878 square foot free-standing facility on Tucson’s east side was
sold by E& R Cotton Center, LLC (dba La-Z-Boy Furniture Galleries) and was
purchased by STORE Capital Acquisitions, LLC.
The store is adjacent to Home Depot, Kohl’s, Petsmart and other big-box retailers
on the Broadway retail corridor.
La-Z-Boy Furniture Gallery simultaneously signed a new 10-year lease
term in the transaction. The terms of
the new lease transaction were not disclosed.
E&R Cotton Center, LLC is an entity affiliated with its parent
company EBCO, Inc. and Ed Bruenig III.
“La-Z-Boy Furniture Gallery’s Arizona operations are among the strongest
in the country. The completion of this
transaction will allow them to seek additional opportunities for new store
locations as their business continues to expand,” said Darren Pitts, Executive
Vice President of Investments for Velocity Retail Group.
La-Z-Boy
of Arizona operates nine locations in the Phoenix metropolitan area, Flagstaff
and Tucson. Ed Breunig, III, President
of La-Z-Boy Furniture Galleries of Arizona and Atlanta, commented, “We were
pleased that Velocity Retail Group and Ross Brown Partners were able to identify
a buyer of STORE Capital’s caliber to complete a transaction quickly. It allows our company to deploy capital into
new opportunities to grow the La-Z-Boy brand in our key markets.”
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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, development to retail
tenants, and redevelopment to owners of retail real estate throughout the
Southwest. For more information, visit www.velocityretail.com.
About Ross Brown
Partners, Inc.
Ross Brown Partners, Inc. is a Scottsdale-based commercial real
estate services company, specializing in brokerage and management of industrial
and office properties. For more
information visit www.rossbrown.com.
About STORE Capital
STORE Capital is a real estate investment trust backed by funds
managed by Oaktree Capital Management, L.P. The company provides tailored real
estate lease and mortgage financing solutions to help address the long-term
capital needs of real estate intensive operating businesses throughout the
United States. STORE’s aim is to create wealth for its customers by improving
the capital efficiency of their businesses. For more information, visit www.storecapital.com.
