PHOENIX, AZ – Nick Miner, CCIM, of ORION Investment Real Estate, reports selling an 8,318 square foot retail building on the northwest corner of 53^rd Avenue and Bell Road for $3,150,000 or $378 per square foot.  Miner represented the Buyer in the transaction, Corridor Living, LLC, who Miner helped recently sale 4600 N Central Avenue in Phoenix.

Located in the larger Desert Glen Shopping Center that is anchored by Kohls, this four tenant strip center was 100% occupied at time of closing.  The tenants in the property that was purchased are Crazy Mike’s Subs, Music & Art, Gravitate and Oscar’s Taco Shop.  This is a good mix of national and local tenants.

Nick Miner, CCIM, Senior Vice President at ORION commented, “I have been working with my client for some time trying to find a replacement property for his 1031.  When this came available, we quickly moved to secure the asset for him.”

Miner continued, “This completes my clients 1031.  It is going to be a great long term ownership opportunity with great cash flow for him for many years to come.”

Seller, McLean Holdings, LLC, was represented by Danny Gardiner and Chad Tiedeman at PCA.

PAYSON, ARIZONA – The sale of The Village Shopping Center, a 11,192-square-foot shopping center built in 1972 and the largest component of the Swiss Village retail complex, was recently recorded. The location of the property is 802-806 N. Highway 87 in Payson, Arizona. The property sold for all cash to Pine Village LLC, from Prescott, AZ. The seller was Roger and Linda Kreimeyer.

The sales price was $990,000, which equates to $88.46 per square foot. The building was 100% occupied at closing.

Mark Rein of Rein & Grossoehme represented the seller and Jon Deonise of Deonise Real Estate Services represented the buyer. Mark Rein specializes in the sale of shopping centers and has sold 107 such properties over the years.

Rein & Grossoehme specializes in the sale of investment properties and retail, office and industrial leasing. Visit our company web site at www.RGcre.com

Tucson, Arizona – A limited liability company managed by Nick Jones, 3655 East 2^nd Street, LLC, purchased the property located at 3655 E. 2^nd St., Tucson, Arizona for $1.1 million ($98 PSF).

The property consists of an 11,259-square-foot office building built in 1960 and has a fenced and gated lot with 45 parking spaces and signage.

The seller, Outer Heaven, LLC was an owner occupant dba Fangamer, a video game merchandise company based in Tucson. Fangamer has moved to 5055 E Speedway Blvd.

The buyer, Nick Jones, founded Recovery in Motion Treatment Center and plans to occupy the property for a counseling center. Jones helped create Old Pueblo Community Services, and later moved on to open Recovery in Motion Treatment Center with individual and family participation drug treatment programs.

The seller was represented by Dean Cotlow of Cotlow Company.  Hank Amos of Tucson Realty & Trust Co., represented the buyer in the transaction.

For more information, Cotlow should be reached at 520.881.8180 while Amos can be contacted at 520.577.7000.

To learn more, see RED Comp #9475.