Velocity Retail Negotiates for Old Navy in Tucson Spectrum Shopping Centerby Hot Off The Press (Release) on Mar. 01, 2013, under Press Releases
February 28, 2013.
Phoenix, Arizona. Velocity Retail Group, LLC announces that Old Navy has leased 15,039 square feet at the Tucson Spectrum shopping center located at the southwest corner of Irvington and Interstate 19 in Tucson, Arizona. Darren Pitts and Dave Cheatham of Velocity Retail represented Old Navy in the transaction. The current shopping center owner is Developers Diversified Realty who purchased the center during the final stages of the Old Navy transaction from Barclay Creswin Tucson Spectrum, LP of Phoenix. The new store opened in November of 2012 and was one of a handful of new stores that Old Navy completed in the calendar year.
“Like many national retailers, new store growth has been on pause during the last several years of the recession,” said Pitts. “This store was originally reviewed in 2006 and then tabled until recently. The fact that Old Navy chose Tucson as one of their new store locations nationally for 2012 is extremely positive,” he added. This is the fourth store for Old Navy in the Tucson market, and the 18th store in Arizona.
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 consulting, development to retail tenants, and redevelopment to owners of retail real estate throughout the Southwest. For more information, visit www.velocityretail.com.