ORION negotiates sale of retail pad
ORION Investment Real Estate announced the closing of Union Hills Square, a 11,960 square foot multi-tenant retail pad, located in Glendale, Arizona. It sold for $4,700,000 ($392/SF) from CC Fund 1 Union Hills, LLC to AXG Com 1, LLC
“This is the second time ORION has sold this asset,” says Andrew Harrison, Senior Vice President at ORION. “We initially brokered the asset to the seller in 2014 in an auction format from the lender for approximately $2.8 million. The partners decided to sell the asset and capitalize on the investment,” explains Harrison.
Union Hills Square was fully leased at close of escrow and is anchored by the Arrowhead Grill, who has won multiple awards from Wine Spectator, OpenTable, and Phoenix Magazine.
The property has excellent access from Union Hills. It receives over 41,000 vehicles per day on Union Hills Drive and 122,000 vehicles passing on the 101 Freeway. The property benefits from neighboring power center Northwest that includes Walmart, Sam’s Club, LA Fitness, and Starbucks, to name a few.
Andrew Harrison of ORION Investment Real Estate in Scottsdale negotiated the transaction.
Central Phoenix Walgreens Center sells for $3.3 million
The Walgreens Center at 8905 N. 7th St. in North Central Phoenix has been sold for $3.3 million. The redevelopment opportunity was purchased by Capital Development Group and its partner Rhapsody Ventures of Phoenix.
“We brought this asset to market as a unique modernization opportunity in a neighborhood that has recently undergone a noteworthy renaissance,” says John Jackson, associate vice president of Colliers International in Greater Phoenix. “We recently brought the Little Miss BBQ company to the property, which adds dynamic energy as a restaurant destination. The additional retail square footage is poised for modernization and revived appeal by this historically stable, yet gentrifying area.”
Jackson and Larry Ortega of Colliers International in Greater Phoenix negotiated the sale transaction of the center. The seller was the Phoenix-based Manson Family Trust.
The shopping center, which is located on the east side of 7th Street, just south of Dunlap Avenue offers 38,331 square feet of retail space on approximately 2.8 acres. Anchor tenants at the center include the newly leased Planet Fitness (formerly Goodwill space) and Walgreens. Additional shops include a barber shop and bakery.
“The North Central community has experienced an immense transition that spans down 7th street to Midtown,” says Jackson. “Retail efforts have been particularly important in that shift, including the addition of artisan restaurants such as Mora and Stock and Stable. The Manson Family has been dedicated to the neighborhood and attracting quality tenants to this property for years. They are pleased that the center will be part of the post-recession renaissance of sorts that is now extending to the Sunnyslope region to the north.”
NAI Horizon represents buyer in $4.7M acquisition of four-tenant retail pad
NAI Horizon Associate Matt Harper, CCIM, represented the buyer in the $4.7 million acquisition of a freestanding, four-tenant retail pad in Glendale, Arizona.
Harper represented AXG COM 1, LLC, of Peoria, Arizona, in its purchase of the 11,878-square-foot property at 8280 W. Union Hills in Glendale.
“This is a great asset for my client to add to their growing portfolio,” Harper said. “Its location is in one of the fastest growing submarkets of the West Valley. Glendale is experiencing a surge in workforce and new residents and this asset will benefit from the growth.”
The building, constructed in 2004, sits on 1.98 acres at Union Hills Square, a much sought-after, multi-tenant retail strip center located off the Loop 101 and Union Hills Road. More than 41,000 cars daily frequent the entrance to the shopping center.
Other recent lease transactions from NAI Horizon:
• Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Planet Fitness, in a 132-month retail lease for 15,750 SF at 7620 W. Lower Buckeye Rd., Phoenix, AZ. Tim Westfall with Newmark Grubb Knight Frank represented the landlord, HH-Estrella, LLC.
• Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Firehouse Subs, in a 120-month retail lease for 1,800 SF at 5122 N. Dysart Rd., Litchfield Park, AZ. Robert Deaton with Deaton Realty Services represented the landlord, 545657, Inc.
• Matt Harper represented the landlord, Hope Thunderbird Investments, LLC, in a 120-month retail lease for 2,000 SF at 5149-5151 W. Thunderbird Rd., Glendale, AZ. Chuck Gibson with SRS represented the tenant, Walgreen Arizona Drug Co.
• Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Tacos Tijuana, in a 60-month retail lease for 1,500 SF at 1754 S. Greenfield Rd., Mesa, AZ. Larry Brown with Diversified Partners represented the landlord, Alpha IV Partners, LLC.
• Tyler Smith represented the landlord, Sun Grove Medical, LLC, in a 64-month medical office lease for 1,798 SF at 20542 N. Lake Pleasant Rd., Peoria, AZ. Kevin Harper with Arizona Healthcare Realty represented the tenant, Karibu Family Care, PLLC.
• Matt Harper represented the landlord, LASA Realty, LLC, in a 60-month retail lease for 100 SF at 7448 W. Glendale Ave., Glendale, AZ. Denise Myers with JLL represented the tenant, Bank of America, National Association.
• Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, Anthony Leparulo Separate Property Trust, in a 60-month retail lease for 1,028 SF at 780 W. Elliot Rd., Tempe, AZ. Chassity Andrews with Realty One Group represented the tenant, The Cut Barbershop, LLC.
• Matt Harper represented the tenant, Tao Fellowship, in a 36-month retail lease for 1,470 SF at 1840 W. Chandler Blvd., Chandler, AZ. Matthew Ault with Kidder Mathews represented the landlord, GCCFC 2006-GG7 West Chandler Boulevard, LLC.
• Matt Harper represented the landlord, Sayan 26 Investment Group, LLC, in a 12 mo. retail lease for 6,960 SF at 4323 W. Cactus Road, Glendale, AZ.
• Matt Harper represented both the landlord, Elmo Tari Trust, and the tenant, Stepping Stone Adult Development Center, LLC, in a 27-month retail lease for 4,277 SF at 12235 N. Cave Creek Rd., Phoenix, AZ.
• Jeff Adams represented the landlord, Goodsell Properties, LLC, in a 38-month office lease for 888 SF at 2033 E. Warner Rd., Tempe, AZ. Matt Bustamante with Realty One Group represented the tenant, 1st Insurance Group.
• Matt Harper represented the landlord, Hillcrest Plaza, LLC, in a 62-month retail lease for 940 SF at 1241 E. Broadway Rd., Mesa, AZ.
HSL Properties buys Hampton Inn & Suites on Tucson’s East Side
HSL Properties recently acquired the Hampton Inn & Suites Tucson East/Williams Center, 251 S. Wilmot Road, for $8.2 million. Renovations are being planned for the 101-room hotel, which was built in 2009. The hotel is steps from Park Place mall and more than 15 restaurants and bars and minutes away from Tucson International Airport, Davis-Monthan Air Force Base, Tucson Convention Center and the University of Arizona.
With breathtaking views of the Santa Catalina Mountains, the hotel is the perfect place to stay for business and leisure travelers. The Hampton Inn offers group amenities and features a 952-square-foot (99-square-meter) meeting room, which holds up to 50 guests, and a business center with printing and photocopying facilities. Guest amenities include an outdoor pool, fully equipped fitness center, standard in-room and lobby WiFi, breakfast and beverage common areas, florist and on-site convenience store.
The Hampton Inn & Suites brand is a market leading, select-service, hospitality brand by Hilton Hotels Worldwide.
The new Hampton Inn & Suites acquisition represents the ninth hotel in the HSL Properties hospitality portfolio, that includes The Ritz-Carlton, Dove Mountain and the El Conquistador Tucson, a Hilton Resort. The hotel portfolio totals more than 1,730 guest rooms. The company is also currently building two additional Hampton Inn and Suites in Marana and in Rita Ranch. HSL Properties also owns and operates more than 10,000 apartment units in 38 apartment communities throughout Arizona.
Office condo sale at Promenade Commons converting to new surgicenter
SVN Desert Commercial Advisors in Phoenix closed on another office condo sale in the Valley. The deal was co-brokered with a second SVN office located in Bellevue, Washington. Collaboration between SVN franchises across the country makes it possible for advisors to offer seamless service to any of their clients in any State.
SVN’s Master Landlord and Tenant Representation Broker, Jennifer Hill had the opportunity to work with Leigh Wang from SVN | Raven in Bellevue, Washington. It was Wang’s client relationship that sought assistance from a savvy Arizona broker and Hill was able to close an ideal Owner/User for the property. “When we work with other SVN brokers, we set ourselves up for a collaborative, highly professional process,” said the senior advisor Hill. “Leigh and I are looking forward to working on our next deal together.” The buyer, Dr. Hammad Amer with American Vascular Specialists, LLC is a cardiologist who will be converting the property into a new Surgicenter in Chandler, AZ.
Jennifer Hill represented the seller in the transaction, Xuejun Feng. The property is located at 4921 S. Alma School Rd. at Promenade Commons at Fulton Ranch. The 5,470 square-foot building sold for $1.2 million and is an owner/user property. SVN’s Raven advisor, Wang stated, “My clients are very pleased and are discussing having us find them additional real estate investments in Arizona.”
ORION closes on Old Town Grinos in Scottsdale
Built in 1960, this Old Town Scottsdale institution was 100% leased to Old Town Gringos (formerly known as Dos Gringos). With one of the largest outdoor patios in Old Town Scottsdale, the property has attracted patrons for over 20 years.
The 2,948 square foot bar/restaurant with approximately 6,000 square feet of patio space sold for $755 per square foot. ORION Investment Real Estate was hired by the Seller, STORE Capital (NYSE: STOR) to market this asset. With substantial term remaining on the tenant’s lease, the ORION brokers for this transaction do not anticipate anything substantially changing with the operations of Old Town Gringos.
ORION’s Vice President, Michael Achtman noted, “By broadly marketing this asset and working with numerous buyers, we ultimately selected an all-cash Buyer that could close quickly and reliably due to their understanding of, experience, and enthusiasm for the Old Town sub-market.”
“At over $700 per square foot for 1960 construction, the leasing expertise and local submarket knowledge of Michael Achtman and Jennifer Eggert were instrumental in garnering multiple offers within the first week of our marketing efforts,” says ORION’s President and co-listing agent, Ari Spiro.
The property was purchased by a local investment group with considerable holdings in the immediate area who was looking to add to their portfolio of properties, located in the dynamic Downtown Scottsdale market. Trent Goulette with Southwest Retail Group represented the buyer.
Orsett Properties sells Beverly Center for $6.75M
Beverly Holdings, LLC of Woodland Hills, Calif. announced today the purchase of Beverly Center, a single-story, 43,013-square-foot Class A single-tenant office property. The property located at 8181 S. 48th Street in Phoenix was sold by Orsett Properties LLC for $6.75 million.
Eric Wichterman and Mike Coover of Cushman & Wakefield Phoenix, along with Rick Lee and Conner Lee from Lee & Associates brokered both sides of the deal.
Beverly Center, constructed in 1997, is currently 100 percent leased to Ancora Education, a post-secondary school with locations in Arizona, Colorado, Texas, Louisiana, Georgia, North Carolina, South Carolina and Pennsylvania. Situated on a five-acre parcel, the property features a highly efficient office layout with a large floor plate and durable concrete tilt-up construction combined with extensive glass line.
Beverly Center lies at the foothills of the South Mountain Park & Preserve along 48th Street, just south of Baseline Road. Near immediate freeway access is enjoyed from both the I-10 freeway and the S-R 143.