ORION is proud to announce the sale of Scottsdale Executive Square, a 29,806 square foot, Class B multi-tenant office. The office building recently sold for $3,540,000 ($118.77/SF). Situated on 97,200 square feet, just north of the northeast corner of Scottsdale and Thunderbird Roads, the building has excellent Scottsdale Road frontage with approximately 35,665 vehicles passing per day. Scottsdale Executive Square was 77% leased at close of escrow.
Nick Miner, CCIM, Senior Vice President at ORION Investment Real Estate, noted, “The property was sold to a 1031 Exchange Buyer from Colorado. They identified this property because of the location in the Phoenix Metro and the long term lease with the tenant.”
Tim Gunnink joined ORION Investment Real Estate as senior vice president, specializing in retail and land investment sales. Gunnink will use years of experience to help buyers and sellers of shopping centers and retail land accomplish goals.
Zach Bonsall, Managing Partner at CVP, noted, “We were proud to partner with ORION and Newmark on an innovative transaction to add value to the property and deliver strong returns on behalf of our investors.
Just west of the intersection of Scottsdale Road and Shea Boulevard in Scottsdale, Shea 70 Plaza, trades hands for $8.5 million or $253/square foot. Shea 70 Plaza is a 33,615 square foot retail center, built in 1988 and located on the southwest corner of 70th Street and Shea Boulevard.
Greenway Promenade, a 62,949 square foot retail center, sold for $8,300,000, or $131.85/SF. The shopping center is located on the northwest corner of two major arterial thoroughfares (Greenway Road and 59th Avenue) and is across the street from Thunderbird School of Global Management which is a part of Arizona State University.
Zack Mishkin of Orion Investment Real Estate represented the buyer. Bill Hahn of Colliers HSK Multifamily represented the seller, Cal DeSouza at Sonoma West Villas LLLP.
The property is located just south of Warner Road with frontage on Arizona Avenue. The buyer, InSaf Investments LLC, was represented by Orion Investment Real Estate.
Orion Investment Real Estate Vice President Linda Ayala represented the New York-based sellers. The Van Buren sale translates to $44,167 per unit.
The building is a mix of retail, office and industrial totaling 18,818 square feet on 1.79 acres, and was 85 percent occupied at the close of escrow. Gary Maitha of ORION Investment Real Estate represented the buyer. Darin Edwards of CPI represented the seller.
If you drive along the 101 Freeway in Scottsdale, you cannot miss the 60-foot tall concrete tilt walls standing upright just north of Via De Ventura.
Braxton Glass, Vice President at ORION Investment Real Estate, negotiated the transaction. Glass stated, “The Orange Grove Medical Center acquisition aligns ideally with West Coast Capital’s core strength of repositioning underperforming office and medical office assets.”
Zack Mishkin and Jamie Canute of ORION Investment Real Estate negotiated the sale. “Imagine owning a mid-century, garden-style apartment complex right in the heart of Midtown, walking distance to not one, but two Light Rail stations and numerous notable eateries. Well, that’s The Rosecrest Apartments,” says Mishkin.
ORION Investment Real Estate has announced the sale of a single-tenant retail building for $1,200,000, or $371.75/SF. The property is located in the heart of bustling Tempe on renowned Mill Avenue, just south of University Drive.
All properties are in close proximity to the Light Rail and are near major shopping anchors, as well as new, ground-up infill developments.
ORION Investment Real Estate is proud to announce the sale of three separate apartment communities located in the emerging North Phoenix/19th Avenue Corridor. All properties are in close proximity to the Light Rail and are near major shopping anchors
Located off the Loop 202 Freeway and Van Buren Street, Belaflora Condominiums sold for $1,255,000 or $83,667 per unit. This 15-unit portfolio sale of Class “A” Condos is part of a larger 185-unit complex within a strong rental sub-market in central Phoenix. The units are adjacent to the Papago Golf Course, and near attractions such as the Phoenix Zoo, Desert Botanical Garden, and Tempe Town Lake.
Ari Spiro’s Orion Investment Real Estate is marketing the retail and restaurant center adjacent to the Loop 101 aquarium.
Derek Buescher and Andrew Harrison of ORION Investment Real Estate negotiated the transaction. The property was sold by McKellips-Stapley Center, Inc. and purchased by Principals Jeff Geyser and Joshua Ungerecht from Geyser Management, LLC.
At $634 psf, The Marketplace at Lincoln & Scottsdale represents the highest price per square foot ever achieved for a multi-tenant retail center over 10,000 square feet in Arizona. The previous record was also set by ORION in the November 2008 sale of The Shops at Zocallo at $630 per square foot.
7328 East Stetson Drive Scottsdale, AZ 85251
Orion Investment Real Estate
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