NEWS RELEASE
ORION Investment Real Estate is pleased to announce the closing of the Forum at Gilbert Ranch located at 1464 & 1524 East Williams Field Road in Gilbert, Arizona for $6,800,000 ($254 per SF) to Cave Creek Capital Partners (Jeff Levine & Mark Schulman) of Scottsdale, AZ.
“The acquisition of this property took over eight months to complete” says Andrew Harrison, Vice President at ORION. “The Buyers had to overcome numerous obstacles in this escrow” explains Harrison.
The seller of the property was Sorenson Group Management in Salt Lake City, Utah. Sorenson Group Management became the beneficiary to the property in 2009 after the acquisition of a structured portfolio of Federal Deposit Insurance Corporation (FDIC) commercial real estate loans worth $701 million from Diversified Business Strategies of Sandy, Utah.
The retail shopping center is located on the northwest corner of Val Vista Rd and Williams Filed Rd in Gilbert Ranch. The retail shops are anchored by Blue 32 Sports Grill and Harvey American Public House.
The San Tan trade area has been a development hot spot with Macerich’s new super-regional mall SanTan Village as well as a mix of power centers and commercial developments. The Town of Gilbert has lead Arizona with the highest number of new housing permits over the last couple years and was named by Money Magazine as one of the “Best Places to Live” in 2012.
Andrew Harrison of ORION Investment Real Estate in Scottsdale negotiated the transaction on behalf of the buyer. (www.ORIONprop.com). Andrew focuses on investment sales of multi-tenant commercial properties.
