ORION Investment Real Estate announced the closing of the Campbell Shops at 24th Street located at 4517 North 24th Street in Phoenix for $2,300,000 ($263/SF) to Santa Fe Arms LLC, managed by Steve Olafson in Scottsdale, Ariz. The seller was Greenfield-Inverness, LLC based in Phoenix. The property was 57 percent occupied at time of closing. The current tenants are 7-Eleven and Ye Olde Pipe & Tobacco Shoppe who are both signed to long-term leases.
Ari Spiro and Sean Stutzman of ORION Investment Real Estate negotiated the transaction. The buyer was drawn to the strong location, in-place cash flow and ability for upside through lease up.
The 8,750 SF strip center was originally built in 1962, but was completely renovated in 2007. The center is well-located near the major intersection of 24th Street & Camelback Road in the Camelback Corridor submarket. The population within 5 miles of the property is 330,000 and is in close proximity to Biltmore Fashion Park, Camelback Esplanade and several high rise condo developments.
The Camelback Corridor is host to some of Phoenix’s finest hotels/resorts, entertainment venues, retail centers, restaurants, office and condos. The corridor has attracted major tenants from finance, real estate, and technology. Some tenants include Morgan Stanley Smith Barney, Merrill Lynch, Charles Schwab, UBS, Cisco System and Cole Capital. Other major tenants include the RitzCarlton, Arizona Biltmore and Camelback Colonnade Retail Center.
“This investment was unique in that the current cash flow provided a stable base to this investor allowing them the ability to lease-up and build out the remaining vacancies in a dynamic, infill submarket that otherwise has little vacancy” says Ari Spiro, President of ORION.