PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Ari Spiro, President
ORION Investment Real Estate
T: (480) 634-6934
Company Website: www.orionprop.com
Multi-Tenant Retail Center Near Camelback Corridor Sells for $2,300,000
October 8, 2014 | Phoenix, AZ
After an extensive marketing period yielding more than a dozen offers, ORION Investment Real Estate is pleased to announce the closing of the Campbell Shops at 24th Street located at 4517 North 24th Street in Phoenix, Arizona for $2,300,000 ($263/SF) to Santa Fe Arms LLC, managed by Steve Olafson in Scottsdale. The Seller was Greenfield-Inverness, LLC based in Phoenix. The property was 57% occupied at time of closing. The current tenants are 7-Eleven and Ye Olde Pipe & Tobacco Shoppe who are both signed to long term leases.
Ari Spiro and Sean Stutzman of ORION Investment Real Estate negotiated the transaction. The Buyer was drawn to the strong location, in-place cash flow and ability for upside through lease up.
The 8,750 square foot strip center was originally built in 1962, but was completely renovated in 2007. The center is well-located near the major intersection of 24th Street & Camelback Road in the Camelback Corridor submarket. The population within 5 miles of the property is 330,000 and is in close proximity to Biltmore Fashion Park, Camelback Esplanade and several high rise condo developments.
The Camelback Corridor is host to some of Phoenix’s finest hotels/resorts, entertainment venues, retail centers, restaurants, office and condos. The corridor has attracted major tenants from finance, real estate, and technology. Some tenants include Morgan Stanley Smith Barney, Merrill Lynch, Charles Schwab, UBS, Cisco System and Cole Capital. Other major tenants include the RitzCarlton, Arizona Biltmore and Camelback Colonnade Retail Center.
“This investment was unique in that the current cash flow provided a stable base to this investor allowing them the ability to lease-up and build out the remaining vacancies in a dynamic, infill submarket that otherwise has little vacancy” says Ari Spiro, President of ORION.
About The ORION Investment Real Estate
ORION Investment Real Estate (“ORION”) is a leading commercial real estate investment brokerage firm in the Western United States. With a multi-billion dollar track record, ORION focuses on the sale of income producing real estate. ORION’s principals have closed hundreds of retail, office, industrial, and multifamily transactions throughout the United States. ORION is headquartered in Scottsdale, Arizona. For more information on ORION, please visit our Web site at www.ORIONprop.com.
Campbell Shops at 24th Street
Phoenix, Arizona
$2,300,000
8,750 Total SF
