ORION Facilitates Phoenix Retail Transaction

Article originally posted on Commercial Property Executive on April 23, 2020

ORION Investment Real Estate has arranged the $5.5 million sale of The Shoppes at Higley Village, a 24,580-square-foot retail center in Mesa, Ariz. Vice President Derek Buescher assisted the seller, Stratis-Mesa Properties. A private investor acquired the asset in a 1031 exchange deal.

The property last traded for $1.7 million in 2011 when the previous owner acquired it as part of a foreclosure action, according to public records. Located at 5050 E. University Drive and 446 N. Higley Road on roughly 4 acres, the three-building property opened in 2005 and is shadow-anchored by a Walmart Neighborhood Market.

At the time of sale, the center was 85 percent occupied by tenants such as Great Clips, Bahamas Buck’s and Marco’s Pizza, among others. Situated at the intersection of University Drive and Higley Road, The Shoppes at Higley Village has a daily traffic of 40,000 cars, according to ORION Investment Real Estate data.

In March, ORION Investment Real Estate represented two tenants in signing leases totaling more than 27,000 square feet at Desert Mirage Medical Plaza in Surprise, Ariz. The new agreements brought the office building’s occupancy rate to 95 percent.