NEWS RELEASE
ORION Investment Real Estate is pleased to announce the closing of Desert Sky Station shopping center located at 7920 West Thomas Road in Phoenix, Arizona for $2,820,000 ($155 per SF) to the Strough Family Trust based in the San Francisco, CA.
“This property sale is a perfect example of a recovering investment market in Phoenix” explains Andrew Harrison, Vice President at ORION. “The buyer identified this property as a strong investment piece for the family portfolio and executed flawlessly to fulfill a 1031 exchange requirement”.
The property is located on the northeast corner of 79th Avenue and Thomas Road adjacent to an 893,000 regional mall owned by Macerich. The 18,115 square foot retail center was built in 2008 and is 92% occupied by a mix of local tenants.
The Desert Sky Station shopping center was originally developed in 2008 and is anchored by Regency Beauty Institute. The property’s location in the Desert Sky Mall trade area has recovered rapidly from the recession with the immediate trade area consisting of less than 10% vacancy. 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.
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.
