David Cheatham, Velocity Retail Group's principal, tells GlobeSt.com that the former Staubach Retail Services-West consisted of partnerships. When Staubach Retail announced its name change in January 2009, Cheatham and partner Darren Pitts decided to start a different company.
"It took four months to get everything settled, and the paperwork signed," Cheatham comments. "But it's business as usual. We're in the same office, with the same address. The only thing we changed was our e-mails and the main phone number." He goes on to say that SRS Real Estate Partners has moved into different office space, but in the same building at the Camelback Esplanade at 24th Street and Camelback Road.
Others who joined Cheatham and Pitts in the new company are Bonnie Arlia, Chad Christensen, Michael Clark, Tony Elliott, Naoma Hess, Jennifer Taylor and Clayton Wyatt. Also coming on board was Andy Kroot, formerly with DeRito Partners of Phoenix.
Cheatham says the name Velocity Retail Group came from ones of the missions of the company, which is an increase in velocity for clients. "We'll continue to do brokerage, we'll do development, and we're buying real estate," he comments.
Velocity Retail and Black Equity Group formed a new entity, DMD LLC, specifically for the purpose of acquisition. Cheatam says the company has already closed on its first transaction, a 33,000-square-foot former Circuit City Building at Camelback Road and 16th Street, that DMD LLC bought out of bankruptcy. "We're looking at finalizing several buildings all over the U.S., from the West Coast to Florida," he adds.
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