A luxury spa building, located in Peoria’s P83 Entertainment District, sold for $3.65 million to Arrowhead Equities, a Phoenix-based real estate investment firm, according to Capital Asset Management.
The 29,222-square-foot Class A retail property will be repurposed into a education facility, and is located near 83rd Avenue and Bell Road.
Arrowhead Equities LLC. purchased the property from SW Loan II L.P., who had acquired the asset as a part of a portfolio. Built in 2007, the property consists of a three-story luxury salon set on .6 acres situated in the center of the P83 entertainment district and next to the Seattle Mariners and San Diego Padres spring training facility.
Capital Asset Management’s team, including Scott Smith, Jason Hersker, Stephen Herman, and Rachael Cisco, explored several conversion options for the retail building located at 83rd Ave and Bell Road and ultimately found a best use as a higher education facility and the buyer secured a tenant that fit that use.
“The repurposing seemed the right direction for the property, the City of Peoria, and the buyer and seller. Our team is known for their ability to work with complex assets and create value. It was a win-win for everyone,” Smith said.