PHOENIX – Closing for $4,050,000, or $466 per square foot, this investment offered the Buyer a rare opportunity to purchase a stabilized asset while taking advantage of the meteoric growth of the surrounding submarket. Long-term tenants include 7-Eleven, Ye Old Pipe & Tobacco, Fit Optical and Noble Eatery, providing a diverse mix of e-commerce resistant tenants.
Ari Spiro, Sean Stutzman, and Larry Kush of ORION Investment Real Estate facilitated the sale. “With over 2,500 apartment units recently constructed in the trade area, and another couple of thousand planned or under construction, this solid infill location is becoming even more ‘infill,'” noted Ari Spiro, ORION’s President. “We are excited to have accomplished the Seller’s goal while providing a Buyer the rare opportunity to acquire a well-maintained, smaller retail investment in one of the most dynamic sub-markets in the Phoenix area,” continued Spiro. The Buyer, KCS Arizona, LLC, was a recent transplant from Seattle, Washington with a strong hospitality-operations background.
The Seller, represented by Spiro and Stutzman, was Santa Fe Arms, LLC. Locally-based in Yuma, the investors purchased the property in 2014, increased the occupancy, and took advantage of the hot market for strip retail in prime locations. The Buyer, represented by both Larry Kush of ORION and Sunhee Lee of Cambridge Properties, was KCS Arizona, LLC.
Campbell Shops at 24th is a 100% leased retail center located in one of the most sought after locations in Arizona. This infill property services the neighborhoods of Biltmore, Paradise Valley and Arcadia, as well as the booming business hub known as the Camelback Corridor.