ORION Investment Real Estate negotiated the sale of Gateway Park Shopping Center, on behalf of the seller, for $1,950,000 ($23.84-per-square-foot).
The property was sold by CopperPoint Mutual Insurance Company. D&S Gardner 3, LLC purchased the asset, who was represented by a local broker in Page, Arizona.
Gateway Park Shopping Center is located at the intersection of U.S. Highway 89 and Lake Powell Boulevard, adjacent to Lake Powell National Gold Course and across from Walmart Supercenter.
Situated on a large lot consisting of approximately 9.45 acres, the center is clearly visible from both well-known cross streets in Page.
Nick Miner, CCIM, Senior Vice President at ORION Investment Real Estate, represented the Seller in this transaction.
“This was an REO asset and was the classical example of what happens to a center when the main anchor tenant moves out. It has been vacant since Bashas’ filed bankruptcy several years ago,”Miner said. “The buyer was able to acquire the property after several attempts at trying to purchase it. At the end of the day, the buyer was able to purchase this property at a significant discount because of the vacancy issue.”
ORION reported that traditionally properties located in smaller cities like Page are difficult to transact, as the potential buyer pool is slim, especially vacant, non-core assets. According to the 2010 U.S. Census, Page has a population of 7,247 residents.
