ORION Investment Real Estate announced the sale of Villa De Paz Plaza located 1.5 miles from the Loop 101 on 107th Avenue and Indian School Road. The plaza is located directly across from Fry’s Grocery Store and other major retailers. Villa De Paz Plaza is a 15,441 total square foot retail center with an additional developable PAD site. The property was 87% leased and sold at an approximate 7.5 percent CAP rate.
The transaction was negotiated by Derek Buescher and Andrew Harrison of ORION Investment Real Estate based in Scottsdale.
Villa De Paz was built in 1987 and has a number of long term tenants including: American Family Insurance, Roman’s County Line, Perfect Nails and more. The local buyer was McHenry Family Trust and the seller, also based in Arizona, was Villa De Paz LP.
Buesher noted, “The seller owned the property for over 16 years and saw an opportunity to sell to a good buyer at a solid price point. This property has performed well even through the downturn and most of the tenants have been there long term.”