ORION Investment Real Estate announced the closing of Saguaro Plaza, a multi-tenant retail center, located in Fountain Hills, Arizona for $1.75M ($155 PSF) to US Saguaro Property, LLC.
This acquisition represents the first purchase in the U.S. for this Canadian investor.
“Saguaro Plaza is an extremely well-located asset in the heart of Fountain Hills. It is located at the SWC of Saguaro Boulevard and Palisades Boulevard, across the street from The Fountain. “The property was 100% leased at close of escrow and has a history of high occupancy levels in the marketplace.” says Brent Pearlstein, Vice President at ORION.
“Due to its location, tenant mix and curb appeal, the property attracted local, national and international investment firms. The seller received numerous offers from interested parties before engaging the buyer, which we feel is a positive sign for the retail investment market.”
The property was constructed in 1997 and totals 11,245 SF. Saguaro Plaza offers two drive-through windows, an outdoor patio and ample parking. The property includes monument signage, excellent visibility and strong traffic counts.
It has served the surrounding neighborhood community for many years. With easy access to Beeline Highway and Shea Boulevard, the property provides an array of businesses, shopping and restaurants nearby.
The seller, Staletovic Property Holdings, LLC, was a local private investment company with several holdings in Arizona.