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.
“The buyer plans to redevelop the site into an apartment community and wanted to be close to the future light rail stations,” says Nick Miner, Vice President at ORION.
CBRE Group Inc. brokers Barry Gabel and Chris Marchildronrepresented Cox. Nick Miner, a vice president Orion Investment Real Estate, represented Cardinal. “The buyer plans to redevelop the site into an apartment community and wanted to be close to the future light rail stations,” Miner said.
Orion Investment Real Estate brokered the sale, said Ari Spiro. “This is the third time that we have sold Plaza Fountainside over the past 12 years,” he said.
Ari Spiro, president of Orion Investment Real Estate, helped broker the deal and said the Scottsdale property eventually could be redeveloped into a hotel, retail complex or some kind of mixed-use project.
The website will occupy 20,000 square feet in the previously vacant Anasazi Office Building on East Guadalupe Road for a regional sales office, according to Orion Investment Real Estate and the company.
“This was a great opportunity for both the landlord and Rep.com to expand into a property that had been vacant for a couple of years. The City of Tempe benefits from a new regional sales office that will generate higher paying jobs as well,” says Nick Miner, CCIM, and Vice President at ORION.
7th Gate Center, a 43,426 square foot mixed-use project located at 1601 N. 7th Street in Phoenix, closed for $5 million. Braxton Glass, vice president of ORION Investment Real Estate in Scottsdale, facilitated the transaction purchased by Cole Valley Partners, a boutique commercial real estate investment firm based in San Francisco.
“This is the second asset we have represented CCCP on purchasing from a lender this year” explains Andrew Harrison, Vice President at ORION.
ORION Investment Real Estate is pleased to announce the closing of Greenfield University Plaza located at 4355 East University Drive in Mesa, Arizona for $2,275,000 ($111 per SF) to SAI Baba Investors, LLC.
ORION Investment Real Estate is pleased to announce the closing of the Forum at Gilbert Ranch located at 1464 & 1524 East Williams Field Road in Gilbert, Ariz. for $6.8 million ($254 per SF) to Cave Creek Capital Partners (Jeff Levine & Mark Schulman) of Scottsdale, AZ.
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.