Scottsdale, Arizona — Built in 1960, this Old Town Scottsdale institution was 100% leased to Old Town Gringos (formerly known as Dos Gringos).  With one of the largest outdoor patios in Old Town Scottsdale, the property has attracted patrons for over 20 years.

The 2,948-square-foot bar/restaurant with approximately 6,000-square-feet of patio space sold for $755 per square foot.  ORION Investment Real Estate was hired by the Seller, STORE Capital (NYSE: STOR) to market this asset.   With substantial term remaining on the tenant’s lease, the ORION brokers for this transaction do not anticipate anything substantially changing with the operations of Old Town Gringos.

ORION’s Vice President, Michael Achtman noted, “By broadly marketing this asset and working with numerous buyers, we ultimately selected an all-cash Buyer that could close quickly and reliably due to their understanding of, experience, and enthusiasm for the Old Town sub-market.”

“At over $700 per square-foot for 1960 construction, the leasing expertise and local submarket knowledge of Michael Achtman and Jennifer Eggert were instrumental in garnering multiple offers within the first week of our marketing efforts,” says ORION’s President and co-listing agent, Ari Spiro.

The property was purchased by a local investment group with considerable holdings in the immediate area who was looking to add to their portfolio of properties, located in the dynamic Downtown Scottsdale market. Trent Goulette with Southwest Retail Group represented the buyer.

Downtown Scottsdale has attracted broad appeal from Millennials and Babyboomers alike and with most of Old Town Scottsdale located within an Opportunity Zone, the area has been enjoying a wave of new developments with countless major projects in various stages of planning and development.  Among the most notable are the Luxury Collection and residential towers at Scottsdale Fashion Square, a $700 million, 1.7 million-square-foot mixed use second phase of SouthBridge, and Museum Square.

Achtman concludes, “There are millions of square feet of office, retail, and residential and a half dozen hotels planned within a few square miles of this property.  Old Town Gringos was a rare opportunity to purchase a fixture of Scottsdale.  Old Town Scottsdale has long been established as one of the best commercial cores in the Southwest and the area is poised for even more growth, redevelopment, and potential upside for the Purchasers.”

Cushman & Wakefield Represents Buyer in $1.65 Million Purchase

PHOENIX, Arizona – On behalf of Clayton Companies, Cushman & Wakefield recently negotiated the purchase of 3944 North Marshall Way in Scottsdale, Ariz., for $1.65 Million ($215 PSF). Michael Kitlica with Cushman & Wakefield consulted for the buyer. Walt Danley and Tom Snyder of Walt Danley Realty represented the seller, Arts District Lofts, LLC.

The property is located on the southwest corner of 1st Avenue and Marshall Way, right in the heart of the Arts District in Old Town Scottsdale. The property is a two-story building totaling 7,688-square-feet originally built in 1953, and completely remodeled in 2001. A live-work-play asset, the property consists of one large showroom with vaulted ceilings along with several offices on the first floor, and a residential studio on the second floor.

“Clayton Companies has acquired yet another rare and unique asset within Old Town Scottsdale, added to their already sizable portfolio. This will be a long-term hold for Clayton and are currently evaluating how best to reposition this asset for future tenants,” said Michael Kitlica.

SCOTTSDALE, Arizona – Located on the outskirts of Old Town Scottsdale and minutes from Tempe, the property is well-situated to serve a dynamic trade area with a strong population base. Selling for $1,492,460 this is a ±4,200 square foot retail redevelopment opportunity. ORION Investment Real Estate represented SimonCRE in leasing the building to tenant Bush’s Chicken. SimonCRE acquired the building and is doing major renovations. Expected opening date is summer of 2017.

“This is a great redevelopment opportunity in a very active Scottsdale trade area,” said Joshua Simon, President of SimonCRE. “And we’re excited to add a fresh, new tenant like Bush’s Chicken to the list of exciting restaurants and retailers in the area.”

The Buyer, SimonCRE, was represented by Tim Gunnink and Andrew Harrison at ORION Investment Real Estate. The Seller was represented by Astria Realty. Tim Gunnink and Michael Achtman at ORION and SimonCRE secured the lease to Bush’s Chicken. Lance Umble at Phoenix Commercial Advisors represented the tenant.

“It was a pleasure to work with an active developer such as SimonCRE on this project,” said Michael Achtman, Senior Associate at ORION. “The trade area south of Old Town is going through a renaissance and we are happy to be a part of it. 7111 East Thomas will undergo a massive remodel, which will complement the already strong tenant lineup of retail at the intersection. Bush’s Chicken will join a powerhouse of retail tenants, including Starbucks, Panda Express, Chase, McDonald’s, and Taco Bell to name a few,” continued Achtman.