SCOTTSDALE, Arizona – ORION Investment Real Estate comes full circle with a newly developed retail center in North Scottsdale. Selling off market for $6.15 million ($430.67 per-square-foot), the grocery-anchored development traded at a low 6% cap rate with a rent guarantee on the last vacant space. The 5-tenant building is located in a Bashas' supermarket anchored center, serving the affluent areas of McDowell Mountain Ranch, DC Ranch, Windgate, Silverleaf, and Ironwood Village Communities.
Jennifer Eggert and Michael Achtman, ORION's leasing specialists, worked on getting the newly constructed development pre-leased. Current tenants include The Whining Pig, Banfield Pet Hospital, 9Round Fitness and Rehab Plus, with one suite still available. Eggert and Achtman assisted President and Principal of ORION, Ari Spiro and Sean Stutzman, with the sale. Eggert said, "The vision of our developer to not make this building look like a typical shopping center, really helped with our leasing efforts; it made the project unique and attracted quality tenants."
"I have worked with the developer for nearly 20 years; they took great care with the building design and with our leasing specialists to cultivate a tenant base that has a strong mix of credit and e-commerce resistant tenants that will be impactful to the surrounding community and complement the neighboring tenants," noted ORION’s President, Ari Spiro.
The Seller was a partnership of Jeff Kitchen and Tiny Cap, LLC - a wholly-owned investment firm of Jim Mullin. The project was developed by Mullin360, the same developer who is completing the 84-acre Scottsdale AutoShow at Salt River located between Pima Road and Loop 101 Freeway, just south of Indian School Road in Scottsdale. Construction management was provided by Mullin360Build.
Eric Termansen and McKenna Boyle Wesley of Western Retail Advisors represented the Buyer.
Tiny Cap is pursuing opportunities with its Opportunity Zone funds. Please contact Jim Mullin for more information at 480-443-9300. Mullin360 continues to look for retail and office development opportunities. Please contact Alexandra Schuchter for more information at 480-443-9300.