TEMPE, AZ – ORION Investment Real Estate is proud to announce the sale of Red Devil Center for $2.06 million ($113/SF). This ±18,170 square foot retail strip center is located just west of the northwest corner of the high traffic intersection, Southern and Mill Avenue. The property is shadow anchored by Fry’s Food Store. Red Devil Center was 81% occupied to stabilized, professionally managed tenants at the close of escrow. Tenants include H&R Block, Red Devil Italian Restaurant, and Trophy Den.

Red Devil Center is situated in South Tempe, near Arizona State University’s main campus. ASU is the #1 University for innovation, and is known for its athletics, multiple campuses, and research facilities. Vibrant South Tempe has been growing rapidly, with a multitude of adaptive reuse programs in the works and a young educated demographic.

Derek Buescher, Vice President at ORION Investment Real Estate, represented the Seller in this transaction. Buescher said, “Red Devil Center has a great location on Southern and Mill, as well as a great deal of upside opportunity through leasing.”

The property was sold by John A. Teberg Trust. The asset was purchased by Norte Land Holdings, LLC.

The newly constructed office building at 7165 N Pima Canyon Drive at the Skyline Esplanade in Tucson sold to a private investor, Double Z Pima Canyon, LLC (Manuel Echavarria) of Tucson for $2.088 million ($192 PSF) in gray shell condition.

The recently completed 10,900-square-foot office building sold as an investment, and is located at the northwest corner of Skyline Drive and Pima Canyon Road. It is the last remaining building to be sold by the developer, The DESCO Group, Inc. at Skyline Esplanade Centre Phase II.

“The buyer has confidence in the location of the building,” James Hardman of The DESCO Group Southwest told us.” “With tenants such JP Morgan, UBS, BMO Harris, Wells Fargo Advisors, Sotheby’s, H&R Block, Ameriprise Financial and CBIZ in this prestigious foothills complex with its dramatic architecture and city and beautiful, scenic mountain views makes Skyline Esplanade an ideal location for any high-end professional user.”

There are also several high-end retail projects located nearby, including the luxurious La Encantada Shopping Village, offering upscale retail and entertainment. The property has easy access to all of Tucson’s business and retail sub-markets.

The building is also parked for as much as 100% medical use, offering flexibility of tenants in this premium location.

James Hardman and Michael Sarabia of The DESCO Group in Tucson have also been retained by the new owner to lease the property.

Hardman and Sarabia can be reached at 520.297.8929 for more information.

To learn more, see RED Comp #3575.