PHOENIX, AZ (December 10, 2024) - ORION Investment Real Estate is pleased to announce the successful sale of a multitenant retail center located at 5324-5338 North 7th Avenue in the vibrant Uptown Phoenix area. The property was sold for $1,375,000, reflecting a price per square foot of $262 and a capitalization rate of 7.38%.
The retail center, encompassing 5,245 square feet on a spacious 0.63-acre lot, included a diverse mix of tenants. Recently renovated in 2023, the property features modern amenities and a favorable parking ratio of 7.25 spaces per 1,000 square feet, including five covered parking spots. Uptown Phoenix is recognized for its unique blend of luxury homes, historic architecture, and modern developments. The area is home to several educational institutions and parks, enhancing its appeal to both residents and businesses.
“This sale underscores the strong demand for well-located retail properties in the Phoenix market,” said Nick Miner, CCIM, Senior Vice President at Orion Investment Real Estate. Andrew Harrison, Senior Vice President at Orion investment continued, “The combination of high occupancy rates and strategic location made this an attractive investment opportunity for the Buyer.”
Seller, 5324 N 7th Avenue, LLC, was represented by Miner and Harrison of ORION Investment Real Estate.
Buyer, The R. Barclay Foundation, Inc., was represented by Michael Douglas, CCIM of ORION Investment Real Estate.
For more information about this transaction or other investment opportunities in the Phoenix area, please contact Andrew Harrison or Nick Miner at ORION Investment Real Estate. About ORION Investment Real Estate