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.