(Editor’s note: News releases are published unedited, unless they contain factual errors.)
PHOENIX – Westridge Professional Plaza, consisting of two retail/medical office buildings on the Desert Sky Regional Mall campus, trades for $4,600,000 or $130/SF. The transaction was negotiated by Ari Spiro and Sean Stutzman of ORION Investment Real Estate.
Westridge Professional Plaza is a retail and medical office mixed use property totaling 35,500 SF that was built in 1987. Prior to close of escrow, Gary Maitha also of ORION completed a new 3,040 SF lease to Correctional Healthcare Companies, Inc. which brought the total occupancy near 80%. Spiro noted, “this was a great case study for ORION’s coordinated efforts between our leasing and investment sales team in creating value for our client by leasing additional space in the pre-marketing period. The additional tenant and income increased the value of this asset to deliver a great price for our out-of-town owner.”
The majority of leases are corporate tenants, including HonorHealth/CVS/Caremore, LensCrafters and Sonora Quest Laboratories. Westridge Professional Plaza is on an outparcel to the one million square foot Desert Sky Mall (Macerich-owned Regional Mall), anchored by Sears, Dillard’s, La Curacao, Burlington Coat Factory and Cinema Latino. The property is located just south of the southwest corner of 75th Avenue and Thomas, within one mile of the Interstate 10.
Stutzman characterized the sale as, “a ‘win-win’ transaction with the new Buyer purchasing solid in-place income with tenured credit tenants, while providing additional upside through lease-up and operations. The Buyer, Urman Enterprises, is a local operator with a long-standing history of value creation through management. I am excited for both the new owner and the tenants as the property should only improve with a local, hands-on operator.”
ORION represented both the Buyer and Seller. Steve Palazzola, principal of Sun Construction, Ltd based out of Washington, was the Seller in this Transaction. Eitan and Ronit Urman, principals of Parkway 2001, LLC and Urman Enterprises based out of Scottsdale, Arizona, were the Buyers.
