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