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.
