December 5, 2013 | Scottsdale, AZ
ORION Investment Real Estate is pleased to announce the closing of Agua Fria shopping center located at 8987-9069 West Peoria Avenue in Peoria, Arizona for $6,200,000 ($162 per SF) to Westwood Financial Corp.
“The opportunity to purchase grocery anchored retail shops in metro Phoenix has become increasingly difficult with a short supply and tremendous demand for this asset type” says Andrew Harrison, Vice President at ORION. “The Buyer was focused on purchasing this asset from the first day they were introduced to it and worked diligently to meet the seller’s expectations” explains Harrison.
The property is located on the southeast corner of 91st Ave and Olive Ave adjacent to the Agua Fria 101 Freeway. The retail shops are anchored by Fry’s Food & Drug and shares the parcel with McDonald’s and Kentucky Fried Chicken.
The Agua Fria shopping center was originally developed in 1998 with a mix of local and national tenants including Subway, Papa Johns, GNC, and Cricket. The property has excellent visibility from the Agua Fria freeway off ramp and benefits from being the only grocery anchored center on the east side of the 101 Loop between Thomas Road and Thunderbird Road. In addition, the property benefits from the close proximity to booming west valley corridor which is home to numerous attractions including Westgate Entertainment District, Jobing.com Arena, Tanger Outlets, University of Phoenix stadium, and Cabela’s.
The Buyer, Westwood Financial Corp., is one of the largest owners of shopping centers with over 100 properties in 25 US markets. “It was terrific to play a part in Westwood Financial’s growing portfolio of shopping centers”, offers ORION’s President, Ari Spiro. The Seller was a private partnership out of San Francisco.
Andrew Harrison of ORION Investment Real Estate in Scottsdale negotiated the transaction (www.ORIONprop.com). Andrew focuses on investment sales of multi-tenant commercial properties.