ORION Investment Real Estate announced the closing of Plaza 7 located at 18449 North 7th Street in Phoenix, Arizona for $2,300,000 ($143/SF) to a private individual who has a portfolio of commercial properties in Phoenix. The Sellers, ACV Calzona I, LLC, are developers based in Sonoma, CA who ended up with Plaza 7 after developing the CVS that anchors the center (Not a Part of Transaction). The property was 87% occupied at time of closing, bringing in strong cash flow with stable and successful tenants such as Pizza Hut, Proswingz, and Title Max.
The transaction was marketed and negotiated by Derek Buescher and Andrew Harrison of ORION Investment Real Estate.
Plaza 7 spans 16,125 SF sitting on 1.22 Acres of Land, and is anchored by CVS Pharmacy (not a part of transaction). The property is located just minutes from the Loop-101 & I-17 Freeways in the vibrant area of central Phoenix. The intersection at 7th and Union Hills is home to many large retailers that draw people to the area including Bashas’, Goodwill, Dollar Tree, Dairy Queen, Dominos, and more. With an NOI of over $220,000 annually and an excellent Cap of 9.8%, Plaza 7 will prove an excellent investment for the buyer.
Plaza 7 is located within a populous area with over 276,500 employees in a five mile radius, and an average income of $65,000 dollars as of 2014.
“Plaza 7 Shopping Center is an infill shopping center that is well maintained within a mature neighborhood of Phoenix. The property was approximately 87 % occupied at the time of sale and is shadow anchored by a newly developed CVS drug store. The offering provided for a stable investment for the private investor who wanted to take advantage for historically low interest rates” says Andrew Harrison, Vice President, and Derek Buescher, Vice President of ORION.
