Tag Archives: Orion


Rosecrest Apartments in the heart of midtown sells for $929K

ORION announced that Rosecrest Apartments has sold for $929,000, or $61,933/unit. The property is well-located in the heart of Midtown on 3rd Avenue and Camelback Road. Situated on an approximate half-acre of land, Rosecrest Apartments is comprised of three block-constructed buildings totaling 15 units. The property is individually metered for electricity and was 100% occupied at close of escrow.

Associates Zack Mishkin and Jamie Canute of ORION Investment Real Estate negotiated the sale. “Imagine owning a mid-century, garden-style apartment complex right in the heart of Midtown, walking distance to not one, but two Light Rail stations and numerous notable eateries. Well, that’s The Rosecrest Apartments,” says Mishkin. “Notable businesses in the area include: Uptown Plaza (undergoing a mid-century styled renovation), Dutch Bros. Coffee, The Newton, Postino, Windsor, Federal Pizza, Joyride Taco House, and St. Francis,” he further explains. The Seller was Phoenix Venture Capital LLC. Individual, Bryan Nash, purchased the property.

Please contact Mishkin or Canute for more details regarding this transaction, additional investment opportunities, or to discuss the sale of your property.


North Scottsdale shopping center sells for $11.5M

Northsight Village Shopping Center, an 88,031 SF retail center built in 2001, sold for $11.5M. The property is located on Northsight Boulevard just north of Raintree Drive adjacent to The Home Depot, Costco, Sam’s Club, Walmart Supercenter, and is surrounded by millions of square feet of retail, office and residential as well as the Scottsdale Airport and Loop 101 Freeway.

Ari Spiro and Sean Stutzman of ORION Investment Real Estate negotiated the transaction. ORION’s President Ari Spiro noted, “The buyer was drawn to the property due to its stable tenant base, relatively low price per square foot, North Scottsdale location and demographics, and the quality of new developments in close proximity.”

The property was sold by Colorado-based GDA Real Estate Services and purchased by Arizona Partners based in Scottsdale. Northsight Village is anchored by Savers and 90% leased to a variety of local and regional tenants.

Freeway Village sells for $5.75M

ORION Investment Real Estate announced the closing of the Freeway Village located at 1455 South Stapley Drive in Mesa, Arizona for $5,750,000 ($63/SF) to a partnership between Schneider Family I, LLC based in Beverly Hills and the Weil Ernst Trust based in Mesa. The Seller was Freeway Village Shopping Center, Inc. based in Boulder, CO. The property was 52% occupied at time of closing, with stable and successful tenants, and significant upside through lease up of the vacant space.

The transaction was jointly marketed and negotiated by Ari Spiro and Sean Stutzman of ORION Investment Real Estate and Brian Gausden of Western Retail Advisors.

This well-located neighborhood center features 91,351 total square feet of retail space on 7.52 acres. Freeway Village is located on the border of the cities of Gilbert and Mesa at the Stapley Drive off-ramp of US 60 (Superstition Freeway). The Stapley/US-60 interchange has attracted several hundred thousand square feet of office users and numerous national, retail draws such as Wal-Mart, PetsMart, Office Max, Conn’s and AMC Theaters, as well as countless restaurant tenants. With over $400,000 of net income from seasoned tenants, the property has a tremendous amount of upside with the lease up potential of 42,680 square feet and several existing tenants at well-below market rents. Freeway Village further benefits from its visibility from US 60 and its 200,000 vehicles per day and prominent monument signage on Stapley Drive, which handles 40,000 vehicles per day.

Freeway Village is located in an established part of the East Valley, with over 412,000 residents and an average household income of approximately $65,000 within a five mile radius.

This transaction was a rare opportunity to buy an intact 7.5 acres with no outparcels at the off-ramp of a major freeway. We are excited to see the new owner, in time, reenergize this highly visible retail property through lease-up and renovation.” says Ari Spiro, President of ORION.

The Glen Condos sell for $5M

ORION Investment Real Estate is pleased to announce the successful sale of The Glen condominiums located near 63th Avenue and Bethany Home Road in Glendale, Arizona.  The condominium complex consists of 200 total units, of which 129 were just sold for $5,000,000.  The Seller in the transaction was Janet Azar and David Farjoodi of The Glen Condominiums, LLC, which is based in Woodland Hills, California.  The buyer was North63 Holdings LLC, based in Vancouver, BC.

The transaction was negotiated by Christopher Roach and Joseph Dietz of ORION Investment Real Estate based in Scottsdale.

The Glen Condominiums have great curb appeal and frontage on 63rd Avenue and is within walking distance of Harold Smith Elementary School providing a benefit to residents and their families as well as a huge rent driver for ownership. Within 5 minutes of the property is Westgate City Center, offering residents plenty of employment and entertainment through 6.5 million square feet of restaurants, bars, retail, and offices. Westgate is also home to Jobing.com Arena home to the Phoenix Coyotes and University of Phoenix Stadium home to the Arizona Cardinals. Furthermore the community is walking distance of Historic Downtown Glendale, an area known for its antique shopping, various restaurants & eateries, festivals, arts and cultural events.

ORION’s Christopher Roach noted, “The Seller purchased The Glen in early 2012 when it was highly distressed with high vacancy and in rough shape, they repositioned the property and worked with management and the in-place HOA to improve occupancy, upgrade the units and stabilize the property.  The Glen is currently a desirable place to live, and provided the buyer with a strong cash flowing investment with additional upside remaining through future rental increases.”

CCIM Central Arizona Chapter Logo

Nick Miner appointed to CCIM executive committee


Nick Miner, ORION

Nick Miner, ORION

The CCIM Institute, one of the largest commercial real estate networks in the world, announced its 2015 leadership teams during the organization’s annual conference in Los Angeles on Oct. 17. The CCIM Institute confers the Certified Commercial Investment Member (CCIM) designation, commercial real estate’s global standard for professional achievement.

Nick Miner, CCIM, Vice President of ORION Investment Real Estate was appointed to serve as a member of the CCIM Institute’s Executive Committee, which is as a governing body for the organization that works in conjunction with CCIM’s Board of Directors, national committees, and staff. The organization’s leadership teams convene at the CCIM Institute’s spring and fall business meetings.

Miner has been in commercial real estate since 1998.  He has completed more than $142 million dollars in sales and leasing activity.  His primary focus is to assist investors in the acquisition and disposition of investment properties.  Miner obtained his CCIM designation in 2003 and has been active locally and nationally ever since.

The CCIM Institute’s 2015 executive leadership team includes President Mark Macek, CCIM, president and owner of Macek Companies, Inc., in Great Falls, Mont.; President Elect Steven Moreira, CCIM, president of Magic Properties and Investments, Inc., in Longwood, Fla.; First Vice President Robin Webb, CCIM, managing director/principal of NAI Realvest in Orlando, Fla.; and Treasurer Charles C. (Chuck) Connely IV, CCIM, managing director of EPR Financial Services in Kansas City, Mo.

Campbell Shops at 24, ORION, WEB

Campbell Shops at 24th sell for $2.3M

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.

Cox building

Cox Communications building to be redeveloped as apartments

ORION Investment Real Estate announced Thursday night the closing of a single-story office/warehouse building, located at 160 S. MacDonald in Mesa, Arizona for $750,000 to Cardinal Capital Management, Inc.

“The buyer plans to redevelop the site into an apartment community and wanted to be close to the future light rail stations,” says Nick Miner, Vice President at ORION. The buyer plans to develop either supportive housing or market rate housing and is further assessing the market for the final direction of the development.

The property was built in 1981 and sits on approximately 2.51 acres. The office/warehouse includes a grade-level overhead door for shipping and features a large enclosed yard for parking and storage. It is located a short walk from Main Street in downtown Mesa and the future light rail. Downtown Mesa offers numerous dining amenities, retailers, hotels, museums and the Mesa Arts Center.

Nick Miner, CCIM of ORION Investment Real Estate in Scottsdale negotiated the transaction. Nick focuses on investment sales of office and retail properties.

Danny’s Family Car Wash in Scottsdale sells for $2M per acre

Danny's Family Car Wash 1ORION Investment Real Estate is pleased to announce the successful ground lease sale of the Danny’s Family Car Wash located at 15515 N. Scottsdale Rd. in Scottsdale, Ariz., for $6.5M to Pacific Scottsdale, LLC. The seller was Scottsdale Place, LLC.

The car wash, detailing center, gas facilities and 2 convenience stores, totaling approximately 17,700 square feet did not convey in this transaction and are currently owned by Danny’s Family Car Wash, who in turn leases the 3.25 acres. “A property like this does not come along very often. It is over 140,000 square feet of prime North Scottsdale real estate with Scottsdale Road frontage. It is in the middle of 3 marquee projects, namely the Scottsdale Quarter, Kierland Commons, and the Scottsdale Promenade. It is also in close proximity to a couple of major future redevelopments, the former Robb & Stucky site and the Cracker Jax site.”

The buyer, a partnership of high net worth local investors, was drawn to the site because of its superior location and plans to hold for redevelopment. “This was truly a win-win transaction in which the Seller sold at a premium at nearly $50 per square foot for the land, but still left some ‘meat on the bone’ for the next Buyer,” noted Ari Spiro, ORION’s lead broker on this transaction.

The property was purchased for cash after a 45-day escrow. ORION’s Principal, Sean Stutzman summarizes, “Great real estate always gets better and there are few intersections in the entire Southwest quite like this.” ORION should know having transacted over $50 million in real estate at or adjacent to the intersection of Scottsdale Road and Greenway-Hayden Loop in recent years, including most recently assembling the former Barcelona nightclub and adjacent office building. That site, currently nearing completion, is being developed by PB Bell and IPA and later this year will open as Liv Scottsdale, a 240-unit apartment project across from Scottsdale Quarter.

Spiro concludes, “this part of Scottsdale is just booming with high density mixed-use development as it continues its maturation into one of the most dynamic commercial and residential areas in the west. It will virtually be unrecognizable in five years!”

83rd & Union HIlls picture, WEB

Union Hills Square retail center sells for $2.86M

ORION Investment Real Estate announced the closing of Union Hills Square, a 11,960 SF multi-tenant retail pad, located in Glendale, Ariz., for $2,861,250 ($239 SF) to Cave Cree Capital Partners of Scottsdale, Ariz.

“This is the second asset we have represented CCCP on purchasing from a lender this year” explains Andrew Harrison, Vice President at ORION. ORION identified this property as a core asset for the buyer’s portfolio last year. Last month, the Lender elected to auction this asset. “At the initial auction the reserve was not met and the buyer had to go into a final and best format with 2 additional bidders to finally secure the property,” continues Harrison.

Union Hills Square was fully leased at close of escrow and is anchored by the award winning Arrowhead Grill, Ziegler’s New York Pizza Dept., Arrowhead Cabinets, and Granite for Less. The retail center is located within a highly dense infill location with over 256,857 people in a 5 mile radius with an average household income of $70,506. The property receives over 34,000 vehicles per day on Union Hills Drive and 122,000 vehicles passing on the 101 Freeway. The property benefits from neighboring national retailers including Walmart, Sam’s Club, LA Fitness and Starbucks.

In addition, the property is within close proximity to Arrowhead Towne Center, a 1.196 million square foot super regional mall owned and operated by Macerich.

Andrew Harrison of ORION Investment Real Estate in Scottsdale negotiated the transaction.

Carol Arms, WEB

ORION sells 44-unit Carole Arms apartments

ORION Investment Real Estate announced the sale of Carole Arms Apartments, a 44-unit apartment complex located at 2535 W. Coolidge St. in Phoenix. The property sold for $1,159,500 ($26,352 per unit). Built in 1985, Carole Arms Apartments consists of one & two-bedroom units that feature a wide array of amenities. These include all electric gourmet kitchens equipped with a dishwasher and refrigerator, tile flooring, window coverings, air conditioning and more. Community amenities include a sparkling swimming pool with sun deck, on-site laundry facility, children’s playground, picnic area with barbecue, guest parking, lush landscaping throughout and more.

The Buyer was Maskan, LLC based out of California. This was an All Cash transaction. “They are first time buyers, looking for the best deal in Phoenix,” says Ayala, Vice President at ORION. “Buyer and his brother are actively looking for larger multifamily properties and to expand their portfolio.”

The property was well maintained and 99% occupied at the time of sale. The Seller was Housing Opportunity Center, Carole Arms Apartments, an Arizona nonprofit corporation.

Linda Ayala focuses on investment sales of multifamily properties.

Saguaro Heights, WEB

ORION negotiates sale of 34-unit apartment complex in Surprise

ORION Investment Real Estate is pleased to announce the sale of Saguaro Heights, a 34-unit apartment complex in Surprise, Ariz., for $1.3M.  The property was built in 1987 and was 95% occupied at the time of sale.  It consists of 2 bedroom, 1.5 bath townhome units and is located near the intersection of El Mirage and Greenway Roads.  The Buyer was able to obtain new financing on the property from Bank of the West with 25% down.  Both the Seller, Saguaro Heights LP, and the Buyer, JMY Properties, are based out of Southern California.

This is the Buyers third acquisition in the Phoenix marketplace.  “This was a good addition to their portfolio , noted Jackie Allen, Vice President of Multifamily Investments at ORION.  Allen continues, “We are continuing to experience an influx of California buyers to our market.  These buyers, like many others from California, are attracted by a lower cost per unit in Phoenix.”

The Sellers have owned this property since 1996 and Saguaro Heights was the last apartment building holding they owned in the Phoenix area; having recently closed a 66 unit complex also with ORION last year.  Dan Ray, a principal with Saguaro Heights, LP, concluded, “It was terrific working with ORION once again.  She [Jackie] made the transaction seamless from begin to end.”

Jackie Allen focuses on investment sales of multifamily properties.

Gilbert Ranch, WEB

Forum at Gilbert Ranch Sold for $6.8M

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.

ORION Multifamily

ORION Expands Multifamily Team

ORION Investment Real Estate expanded its multifamily group with the addition of five industry veterans specializing in acquisitions and dispositions of multifamily properties.

“We believe that after a brief pause over last summer largely caused by an increase in interest rates, multifamily is heating up again throughout the Valley,” stated Ari Spiro, president of ORION.  Though transaction volume has dropped since this summer, Spiro continues, ”quite a few larger, institutional transactions closed in the 4th quarter, which usually gives the entire market confidence and a precursor that B and C caliber properties will begin moving again.  Based on our activity, we project that B and C deals will begin to move with the velocity that we experienced in 2012 and beginning of 2013 as we move in the second quarter.”

To take advantage of this resurgence in multifamily, ORION has grown its multifamily presence in recent months with the hiring of Jackie Allen, Linda Ayala, Jason Campagna, Joseph Dietz and Dennis Hoth; each of whom brings decades of real estate experience and multimillion dollar track records to ORION’s already successful and well-established multifamily platform.  “We are excited to add this type of top-notch talent to our team.  The new additions bring a vast track record with experience closing smaller, privately owned projects all the way up to institutional grade properties,” said ORION Principal Sean Stutzman.

ORION closed nearly $100M in apartment transactions recently and is looking to build upon that sales volume as the economy continues its recovery. ORION’s investment sales brokers have closed over $500M in transactions since the firm’s inception in 2009.  Stutzman adds, “ORION will continue its growth by attracting and maintaining experienced Brokers of the highest ethical and moral standards, who appreciate our team approach.”

Allen, Campagna and Dietz bring nearly a billion dollars inmultifamily business with them to ORION.  Allen and Dietz have worked with Spiro for more than a decade, “I am honored to rekindle a working relationship with Jackie and Joe.  Both were top producers at national firms  And Jason was quite a find.”

Campagna joins ORION most recently from RE/Max, where he was one of the top commercial brokers in the state.  With nearly 50 closings a year for the past several years, Jason brings a tireless work ethic and offers a breadth of real estate knowledge to his diverse client base.

Hoth joins ORION from CBRE in Omaha, Neb., and Ayala has been active in both the brokerage and as an investor.

“With the institutional approach offered by Hoth and Ayala’s vision from an ownership side, we can offer unmatched analysis and perspective in this marketplace,” continued Spiro.

Stutzman concludes, “For the first time in nearly decade, both commercial and multifamily segments are stable and showing clear signs of growth.  We are poised to take advantage of this increase in investment sales volume and continue our expansion.”

Copper Point, ORION

Copper Point Business Park Sells for $12.75M

ORION Investment Real Estate announced the closing of Copper Point Business Park, a three-building, two-story, Class-A office/retail complex, located in the Gilbert, for $12.75M ($117 per SF) to West Coast Capital Partners.

“Copper Point was an excellent strategic addition to West Coast Capital Partnersí portfolio.  As an underperforming, yet well located and very attractive asset, it plays ideally to West Coast’s core strength of consistently adding value through intensive management and aggressive marketing.”, said Braxton Glass, Vice President at ORION.

The property is located on the southwest corner of the Loop 202 and Val Vista Drive within minutes of Main Street Commons, Gilbert Mercy Hospital and Westcor’s San Tan Village Mall.

Copper Point Business Park was developed in 2008 with attractive architecture and quality construction.  The property has excellent visibility and strong demographics with the average household income exceeding $75,000 within 1 mile of the property.

The Seller was IED Copper Pointe LLC based in Las Vegas.

Braxton Glass of ORION Investment Real Estate in Scottsdale negotiated the transaction. Braxton focuses on investment sales of office and medical office properties.


Agua Fria Shopping Center Sells for $6.2M

ORION Investment Real Estate announce the closing of Agua Fria shopping center located at 8987-9069 West Peoria Avenue in Peoria, Arizona for $6,200,000 ($162 per SF) to Westwood Financial Corp.

The opportunity to purchase grocery anchored retail shops in metro Phoenix has become increasingly difficult with a short supply and tremendous demand for this asset type” says Andrew Harrison, Vice President at ORION.  “The Buyer was focused on purchasing this asset from the first day they were introduced to it and worked diligently to meet the seller’s expectations” explains Harrison.

The property is located on the southeast corner of 91st Ave and Olive Ave adjacent to the Agua Fria 101 Freeway. The retail shops are anchored by Fry’s Food & Drug and shares the parcel with McDonald’s and Kentucky Fried Chicken.

The Agua Fria shopping center was originally developed in 1998 with a mix of local and national tenants including Subway, Papa Johns, GNC, and Cricket. The property has excellent visibility from the Agua Fria freeway off ramp and benefits from being the only grocery anchored center on the east side of the 101 Loop between Thomas Road and Thunderbird Road. In addition, the property benefits from the close proximity to booming west valley corridor which is home to numerous attractions including Westgate Entertainment District, Jobing.com Arena, Tanger Outlets, University of Phoenix stadium, and Cabela’s.

The Buyer, Westwood Financial Corp., is one of the largest owners of shopping centers with over 100 properties in 25 US markets. “It was terrific to play a part in Westwood Financial’s growing portfolio of shopping centers”, offers ORION’s President, Ari Spiro.  The Seller was a private partnership out of San Francisco.

Jackie allen, orion-cut

Jackie Allen Joins ORION Investment Real Estate

ORION Investment Real Estate has named Jackie Allen vice president, specializing in acquisitions and dispositions of multifamily for its Scottsdale office.

Allen brings more than 20 years of real estate experience.

“We are very grateful to have added a veteran of Jackie’s caliber and professionalism to our growing roster of industry leaders,” said Ari Spiro, president of ORION.

Allen had previously been a top producer with a couple of national firms and has been specializing in apartment transactions under 200 units with an emphasis on non-institutional investors since 1996.

Allen is a member of the National Association of Professional Women.  She is also committed to her volunteer work through the Maricopa County Judicial System and the Catholic Diocese of Phoenix.

ORION’s producers have closed nearly $500M in transactions since the firm’s inception in 2009.

“I am very excited about continuing to build upon the foundation created at ORION for the past five years.  I have known one of the founding principals [Ari Spiro] for 15 years and look forward to taking advantage of the dynamic and innovative platform that has been established,” Allen added.

Spiro concluded, “Jackie brings a valuable and unique skill set to an underserved market.  With an outstanding track record, ownership and extensive management experience in running and operating apartments; she is highly regarded by her local and out of state client base and is committed to providing a high level of performance, service and knowledge of the Phoenix and surrounding submarkets.”

SurgeryCenter, ORION

ORION Closes Scottsdale Medical Group Lease

Braxton Glass

Braxton Glass

ORION Investment Real Estate recently closed the fee simple interest in one parcel of net leased medical ground in north Scottsdale, Arizona, located within walking distance of Scottsdale’s largest hospital campus.

Scottsdale Healthcare Shea is a 433-bed, full-service hospital providing emergency, medical/surgical, critical care, obstetric, pediatric, cardiovascular, orthopedic and oncology services. All patient rooms are private. Also, on the campus is The Virginia G. Piper Cancer Center and T-Gen at Scottsdale Healthcare, known throughout the southwest for their commitment to providing personalized care and their innovative combinations of community oncology services, academic medicine and genomic research.

The seller, Shea Edward Limited Partnership, sold the 2.17 acres located at 8960 E. Desert Cove Ave. in Scottsdale, on which is located a Surgicenter with 21,674 square feet of ancillary medical offices for $2,100,000 to CMMD 1031, LP and MDCM 1031, LP.  Braxton Glass, Vice President at ORION, represented the Buyer and the Seller in this transaction.

“The unsubordinated structure of the ground lease combined with the exceptional locational characteristics of the parcel create an extremely attractive risk/return profile that is rarely encountered in commercial real estate offerings,” stated Braxton Glass.