ORION Investment Real Estate negotiated the sale of a Mountain Side Fitness anchored retail center, Plaza at the Orchards, which sold for $8.9 million to a Gilbert-based buyer.
Terra Marketing, Inc. purchased the 52,134-square-foot center, which is located near Bell and Reems Roads was 100 percent occupied at the close of escrow.
Ari Spiro and Sean Stutzman, President and Principal at ORION Investment Real Estate, negotiated the off market transaction.
With nearly 46,000 vehicles per day at the busy commercial intersection of Bell and Reems Roads, that has strong retailers, such as Fry’s Food Stores (Kroger), Walgreens, Tutor Time, and more, this property will “continue to thrive with the explosive growth in this submarket,” noted Spiro.
Since 2000, Surprise has seen a population growth of over 260 percent. Surprise has won multiple Top 10 awards for Safety, Fiscal Fitness, and Family-Friendliness, in regards to top cities across America.
Terra Marketing, Inc. was in a 1031 tax-deferred exchange and “this fit the bill from a cash flow and income stability standpoint. Anchored by Mountainside Fitness, the remaining tenants are a solid collection of businesses that are well-supported by the consumers of Mountainside,” commented Stutzman.
Stuzman concluded, “The Selling entity was largely comprised of local businessmen, who preferred an off-market transaction. The Sellers thought the 100 percent occupied property will continue to perform well in this rapidly growing trade area and that it was an opportune time to sell.”
