ORION Investment Real Estate announced the sale of Red Devil Center for $2,060,000 ($113/SF). This ±18,170 square foot retail strip center is located just west of the northwest corner of the high traffic intersection, Southern and Mill Avenue. The property is shadow anchored by Fry’s Food Store. Red Devil Center was 81% occupied to stabilized, professionally managed tenants at the close of escrow. Tenants include H&R Block, Red Devil Italian Restaurant, and Trophy Den.
Red Devil Center is situated in South Tempe, near Arizona State University’s main campus. ASU is the No. 1 University for innovation, and is known for its athletics, multiple campuses, and research facilities. Vibrant South Tempe has been growing rapidly, with a multitude of adaptive reuse programs in the works and a young educated demographic.
Derek Buescher, Vice President at ORION Investment Real Estate, represented the Seller in this transaction. Buescher said, “Red Devil Center has a great location on Southern and Mill, as well as a great deal of upside opportunity through leasing.”
The property was sold by John A. Teberg Trust. The asset was purchased by Norte Land Holdings, LLC.
