PHOENIX, AZ – Lower Buckeye Plaza, a 14,531-square-foot retail center built in 2007 has closed for $2.76 million. The center was 100% occupied at close of escrow, with national tenants including Leslie's Pool Supplies and Papa John's Pizza.
Lower Buckeye Plaza is situated on the northeast corner of 83rd Avenue and Lower Buckeye Road near the west valley Industrial hub which is home to multiple distribution warehouse for companies such as Home Depot, Staples, Target, and BOSE. There are approximately 3,820 businesses located within a 5-mile radius of the property with over 53,318 employees.
The Seller was Monterey Vista Village Shopping Center, LLC in Sandy, Utah (Brady Boman, principal) and the Buyer was Narazona Corporation (Fahi Nasser, principal) based in Phoenix, Arizona.
Andrew Harrison, Senior Vice President at ORION, negotiated the transaction. Harrison says, "The sale of Lower Buckeye Plaza is a perfect example of ORION's team utilizing an existing relationship to help fulfill an investor's 1031 exchange. The Buyer was having a tough time identifying a replacement property that made any economic sense, so we had to find an asset that was off market. Fortunately, the timing was perfect for both parties."