Tempe retail center sells for $7.5M

Above: ORION Investment Real Estate helped close the Countryside Specialty Shops sale (Photo courtesy of ORION Investment Real Estate) Real Estate | 5 Jul, 2016 |

A Tempe retail center, Countryside Specialty shops, sold for $7,500,000, according to ORION Investment Real Estate. This ±31,723 square foot, vibrant retail strip center sits on the northwest corner of McClintock Drive and Warner Road at a signalized intersection, with high traffic counts.

The property was sold by JDS Countryside LLC/DLS Countryside LLC. Morris Family Trust purchased the asset, who was represented by Sean Bishop at Middlefork Commercial, LLC.

The building was renovated in 2014 and has been recently repainted. The stabilized center was 92 percent occupied at the time of the sale with a great mix of local and regional tenants, including Garcia’s Mexican Restaurant, Rosati’s Pizza and Great Harvest Bread.

Countryside Specialty Shops is located in South Tempe near Arizona State University, ASU Research Park, Discovery Business Campus, Phoenix Sky Harbor International Airport and much more. Being situated in the center of the Greater Metropolitan Area allows for an easy commute to all parts of the Phoenix Metro, especially with its efficient transportation systems and the light rail. The Center’s zip code of 85284 was recently listed as a top five zip code for household wealth in the Valley. A high average household income of $128,498 has been reported within one mile of the property.

Nick Miner, CCIM, senior vice president at ORION Investment Real Estate, represented the Seller in this transaction.

“This was a great opportunity for both the Buyer and the Seller. Buyer purchased this as part of a 1031 exchange and upgraded into a larger property with a better tenant mix. Seller was able to sell the stabilized asset so they can redeploy the capital into another redevelopment opportunity,” Miner said.

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