Retail Property in Northwest Phoenix Sold for $3.15 Million

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.