ORION Investment Real Estate announced the closing of the Forum at Gilbert Ranch located at 1464 & 1524 E. Williams Field Rd. in Gilbert, Ariz., for $6.8M ($254 per SF) to Cave Creek Capital Partners (Jeff Levine & Mark Schulman) of Scottsdale, Ariz.
“The acquisition of this property took over eight months to complete,” says Andrew Harrison, vice president at ORION. “The buyers had to overcome numerous obstacles in this escrow.”
The seller of the property was Sorenson Group Management in Salt Lake City. Sorenson Group Management became the beneficiary to the property in 2009 after the acquisition of a structured portfolio of Federal Deposit Insurance Corporation (FDIC) commercial real estate loans worth $701M from Diversified Business Strategies of Sandy, Utah.
The retail shopping center is located on the northwest corner of Val Vista and Williams Filed roads in Gilbert Ranch. The retail shops are anchored by Blue 32 Sports Grill and Harvey American Public House.