ORION Investment Real Estate announced the closing of Northern Crossings, a 13,800 SF multi-tenant retail strip center, shadow anchored by Wal Mart and Lowes in Glendale for $2.05M ($148 per SF) to Russcor Northern Crossing, LLC.
“The market was very receptive to the offering, we had to choose a buyer from over a dozen offers” said Andrew Harrison, vice president at ORION. “This was a rare opportunity to purchase a value add retail shopping center in a Wal-Mart power center within metropolitan Phoenix. Nick Miner, a colleague of mine at ORION, represented a local investor that we selected as the winning bidder.”
The property is on the SWC of 55th and Northern avenues within the Northern Crossings Power Center. The property is currently 82% occupied by local and national tenants including Radio Shack, Jackson Hewitt, and Luna Pizza.
Northern Crossings retail center is strategically located on Northern Ave. between I-17 and the US 60. The power center, which has more than 500,000 SF of retail space, is anchored by Wal-Mart and Lowe’s and has numerous national co-tenants including Ross Dress for Less, Petsmart, Chipotle, and Chase.
The seller was Badger Real Estate Investments, which purchased the retail center in 2010 from a lender with the intentions of stabilizing the property and positioning the asset for a future sale. Andrew Harrison of ORION Investment Real Estate in Scottsdale represented the seller and Nick Miner of Orion Investment Real Estate represented the buyer.
>> Silver Tree Apartments
ORION Investment Real Estate also announced the sale of the Silver Tree Apartments, 4336 N. 35th Ave. in Phoenix. The 98-unit, individually metered, 1986 vintage property sold for $2.94M ($30,000 per unit, $49.70 psf).
The property was in the mid-80% occupancy at close of escrow and did have additional value add improvements for the buyer to capitalize on. The buyer was Ambrosie & Susana Halmagean of Litchfield Park, who had previously sold the 100-unit master metered Sandpiper Apartments through the ORION Multi-family Group at the end of 2012.
The buyer was able to assume a low favorable interest rate $1.66M loan and saw Silver Tree Apartments as a great opportunity to own a newer individually metered property with a diverse unit mix of studios, ones and two bedroom unit types.
The seller was an experienced real estate holding company based out of Calabasas, Calif., KR Capital, LLC. KR Capital purchased Silver Tree Apartments as a distressed property in 2010. Over the past three years KR Capital had completed a considerable amount of capital improvements to the property, which also included re-tenanting the project.