ORION Investment Real Estate is pleased to announce the closing of Desert Sky Station shopping center located at 7920 West Thomas Road in Phoenix, Arizona for $2,820,000 ($155 per SF) to the Strough Family Trust based in the San Francisco, CA. “This property sale is a perfect example of a recovering investment market in Phoenix” explains Andrew Harrison, Vice President at ORION.
ORION Investment Real Estate announced the closing of Copper Point Business Park, a three-building, two-story, Class-A office/retail complex, located in the Gilbert, for $12.75M ($117 per SF) to West Coast Capital Partners.
Orion Investment Real Estate has disposed of three Federal Deposit Insurance Corp.-owned parcels of land totaling 13 acres. The land was spread out among Surprise, Buckeye and Apache Junction on the outskirts of Phoenix.
ORION Investment Real Estate closes the fee simple interest in one parcel of net leased medical ground in North Scottsdale, Arizona, located within walking distance of Scottsdale’s largest hospital campus.
Orion Investment Real Estate announced the closing of Sun Crest Apartments, a 94-unit, “Class B” apartment project, for $4,450,000 ($47,340 per unit). The buyer is KR Capital, LLC, an experienced Calabasas, California-based Phoenix multifamily ownership group.
Scottsdale-based Orion Investment Real Estate Solutions put together some interesting end-of-year reports pertaining to the multifamily, retail and office markets. While the multifamily and retail market have shown strong growth over the past two years, the office market can’t say the same.
According to the Orion brokers, Weidner purchased the asset for the cash flow and intends on holding the property long term. The company assumed a $20 million loan from Principal Commercial Funding LLC.
Whitestone Real Estate Investment Trust in Houston continues its buying spree in the Phoenix area with the purchase of the Ahwatukee Plaza at 51st St. and Elliot Road in Phoenix.
Retail real estate investment sales have increased dramatically in the past year, according to a report released by Orion Investment Real Estate Solutions. There were 25 sales totaling $131.4 million in the second quarter 2011.
“Gilbert Tuscany Village was initially 57 percent preleased during construction, demonstrating the tenant demand generated as the developers spared no expense in construction…and their magnificent architectural design,” said James Mastandrea, chairman and CEO of Whitestone. Ari Spiro and Sean Stutzman of ORION handled the transaction.
The Barcelona Center at 15444 N. Greenway-Hayden Loop in Scottsdale was sold for $2.4 million by Scottsdale Place LLC to Capital Creek Gold LLC. Both are Scottsdale-based entities. Brokerage Orion Investment Real Estate Solutions in Scottsdale handled both sides of the deal.
Orion Investment Real Estate, a commercial real estate investment firm, sent the Phoenix Business Journal some interesting second-quarter data proving commercial real estate isn’t dead in the water.
Commercial real estate values in Phoenix have plummeted along with home values. Vacancy rates are high and falling rental rates are taking their toll on office, retail and industrial property owners.
But it isn’t only sellers and lenders that are being somewhat inflexible. “Buyers are going to have to take some risk,” comments Orion Investment president Ari Spiro. “Most buyers are currently looking for a great return, based on the most pessimistic assumptions.”
“As a small firm, we have the flexibility to adapt to this ever changing commercial real estate environment and will continue incorporating new technologies and marketing tools.” -Ari Spiro
What’s a company to do in this limbo-like scenario? Spiro says the only thing to do is to broaden the vision instead of looking short-term. “Our vision at ORION is three-to-five years out, not three-to-five months out,” he says. And given current economic conditions, he anticipates that more than 50% of the inventory in town will change hands during that period.
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