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Scottsdale Retail Center Sells for $600/SF

Reported as the highest price per square foot achieved for an Arizona multi-tenant retail property over 10KSF, The Marketplace at Lincoln & Scottsdale changed hands in a private, off-market transaction. The 22,081 SF retail center, which has quickly become home to some of the hottest local eateries, sold for $14M.

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​Popular Restaurant Center on Scottsdale Road Sells for $14M

The restaurant-heavy retail center sits on the border of Paradise Valley and Scottsdale at the intersection of Lincoln Drive and Scottsdale Road.

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East Valley Center Sells for $5.8M

“This transaction was a rare opportunity to buy an intact 7.5 acres with no outparcels at the off-ramp of a major freeway. We are excited to see the new owner, in time, re-energize this highly visible retail property through lease-up and renovation.” said Spiro, president of Orion.

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RESIDENTIAL REAL ESTATE LEADS THE WAY

The real estate adage, “retail follows rooftops” is a simple way to explain the demand for commercial services when a residential community is established or emerges. Despite the seemingly obvious relationship between residential and commercial real estate, many view the two as entirely different worlds. However, in Phoenix metro residential and commercial markets are especially interconnected.

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Fry’s-Anchored Center Changes Hands

The 103,000-square-foot shopping center sold for $9.3 million to Sunburst Station LLC, an entity affiliated with Phillips Edison & Company based in Cincinnati. The seller in the transaction was The Sunburst Plaza Company, LLC based in Beverly Hills. The anchor tenant occupying Sunburst Plaza is a 56,000 square foot Fry’s Food Store (Kroger).

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129 Condominium Units Sold in Glendale for $5 Million

ORION’s Christopher Roach noted, “The Seller purchased The Glen in early 2012 when it was highly distressed…and worked with management and the in-place HOA to improve occupancy, upgrade the units and stabilize the property.”

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Chandler Shopping Center Flips for $10M

CIRE Management out of San Diego bought the 88,000-square-foot Monterrery Vista Village Shopping Center from a real estate partnership out of Sandy, Utah.

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Palm Terrace Apartments in Downtown Tempe Trades for $3.05M/$69,318 per Unit

Vestis Group is pleased to announce that Principals Natan Jacobs and Les Litwin have completed the sale of Palm Terrace Apartments, a 44-unit multifamily community located at 1133 West 5th Street, just west of the Farmer Arts District in Downtown Tempe, Arizona for $3,050,000 / $69,318 Per Unit.

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Chandler Shopping Center Sells For $10M

CIRE Management, based in La Jolla, purchased Monterey Vista Village Shopping Center from Sandy, UT-based Monterey Vista Village Shopping Center, LLC. The asset is located on the northwest corner of Pecos and McQueen Roads in Chandler. The transaction was negotiated by Jared Williams, Ari Spiro and Sean Stutzman of ORION.

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Class A Retail Center Goes For $17M

ORION’s vice president Andrew Harrison tells GlobeSt.com, “Paloma Village Center is at one of the best intersections in the city; there is a waiting list to get into the center.”

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Shopping Center in Chandler Sells for $9.8 Million

The transaction was negotiated by Jared Williams, Ari Spiro and Sean Stutzman of ORION Investment Real Estate based in Scottsdale. The buyer was MVV Retail I, LLC an affiliate of CIRE Management based in La Jolla, California and the seller, Monterey Vista Village Shopping Center, LLC, is based in Sandy, Utah.

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Villa De Paz Plaza Sells for $1.435M

ORION Investment Real Estate announced the sale of Villa De Paz Plaza located 1.5 miles from the Loop 101 on 107th Avenue and Indian School Road. The plaza is located directly across from Fry’s Grocery Store and other major retailers. Villa De Paz Plaza is a 15,441 total square foot retail center with an additional developable PAD site.

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Villa De Paz Plaza Sells for $1.435M

ORION Investment Real Estate announced the sale of Villa De Paz Plaza located 1.5 miles from the Loop 101 on 107th Avenue and Indian School Road. The transaction was negotiated by Derek Buescher and Andrew Harrison of ORION Investment Real Estate based in Scottsdale.

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The Hawthorne Condos Fetch $19M

“In 2009, the seller purchased a highly distressed property from the bank, and then he injected the appropriate amount of capital into both the physical property and the community association. Today, The Hawthorne is a fully stabilized property that provides a very nice living environment for its community,” says ORION’s Joe Dietz.

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182 Condominium Units Sold in Midtown Phoenix for Over $19 Million

ORION Investment Real Estate is pleased to announce the successful sale of The Hawthorne condominiums located in the Midtown area of Phoenix, Arizona. The condominium complex consists of 276 total units, of which 182 were just sold for $19,110,000.

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RETAIL OUTLOOK: Tech-Driven Interruption of Shopper Habits Will Continue in 2015

“This is going to give some of the would-be owners on the sidelines an opportunity to enter our market and buy assets that they would not normally have the opportunity to purchase.” —Nick Miner, CCIM, Orion Investment Real Estate

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The Cornerstone Goes For $29M

ORION Investment Real Estate announces the sale of The Cornerstone adjacent to Arizona State University. The 117,351-square-foot center sold for $29 million to Cornerstone Retail, L.L.C., a commercial real estate entity affiliated with YAM Properties which was founded by Valley businessman and Go Daddy founder Bob Parsons.

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Bob Parsons Buys Tempe Center Next to ASU for $29M

Billionaire GoDaddy founder Bob Parsons has bought a prominent Tempe shopping center for $28.6 million. A real estate entity affiliated with Parsons’ YAM Properties bought The Cornerstone shopping center in Tempe. Ari Spiro, Sean Stutzman and Andrew Harrison of Orion Investment Real Estate brokered the deal.

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Nick Miner Appointed To CCIM Committee

Nick Miner, vice president of ORION Investment Real Estate,was appointed to serve as a member of the Certified Commercial Investment Member Institute’s Executive Committee, which is as a governing body for the organization that works in conjunction with CCIM’s Board of Directors, national committees, and staff.

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Campbell Shops at 24th Sell for $2.3M

ORION Investment Real Estate announced the closing of the Campbell Shops at 24th Street located at 4517 North 24th Street in Phoenix for $2,300,000 ($263/SF) to Santa Fe Arms LLC, managed by Steve Olafson in Scottsdale, Ariz. The seller was Greenfield-Inverness, LLC based in Phoenix.

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