PHOENIX, Arizona – Closing for $3.5 million ($194 PSF) Bell Canyon Plaza is anchored by Family Dollar, with a newly extended lease, and occupied by nationally known tenants. Situated on the northwest corner of 24th Street and Roosevelt Street at a signalized intersection, Bell Canyon Plaza benefits from being near two major freeways in Phoenix: Interstate 10 and Loop 202.

Ari Spiro, Derek Buescher, and Jared Williams of ORION Investment Real Estate exclusively represented both Buyer and Seller. Buescher noted, “This property is well-located near Phoenix Sky Harbor International Airport. The property was fully occupied at close of escrow with notable tenants, including Family Dollar, Taco Bell, and MetroPCS.” The Buyer in this transaction was Ramsey Real Estate Group (AZ), INC. The Seller was Ten Fourteen 24th Associates, LLC.

PHOENIX, Arizona – ORION Investment Real Estate recently sold the 66-unit short-stay motel, formerly known as Best Inn Suites, located on Van Buren Street and 36th Street for $3.3 million ($50,000/unit, or $93/SF). The buyer’s plan to convert the motel to apartments is already underway. The motel was 97% occupied (daily, weekly and monthly terms) at close of escrow.

Zack Mishkin of ORION represented the buyer in this transaction.

“This asset is uniquely staged for a value-add conversion back to apartments. The complex was originally constructed as an apartment community and was later converted to short-stay motel. Unlike many motel-to-apartment conversions, the buyer will be able to find large cost savings through utilizing the already existing full-sized one-bedroom layouts, reverting the current sub-metered system back to the original individually metered system and reconnecting to the building’s air conditioning duct work back to its original, existing infrastructure,” said Mishkin. “The property is bookended by GateWay Community College’s newest campus just a short walk due east and the latest Chris Bianco restaurant concept, Roland’s Café, a couple miles west. The property sits just over one mile from the entrance to Sky Harbor International Airport. Van Buren is truly a special thoroughfare connecting our Urban Phoenix Downtown to the heart of Downtown Tempe, as Van Buren turns into Mill Avenue as you cross the historic Mill Avenue Bridge The aforementioned, combined with a high demand for and an exceptionally low supply of market-rate apartments along Van Buren, should provide the new operator with a fun, exciting and very successful value-add reposition.”

The seller continues to operate hotels and motels for its business, and would be willing to entertain any new hotel and motel opportunities within the Phoenix urban centers.

Joseph Dietz and Bob Farrell of ORION represented the seller, Rudra Investment LLC. The buyer was locally-based Risi Companies, LLC.

CHANDLER, Arizona – Situated at the northwest corner of Dobson Road and Warner Road, and anchored by a premier LA Fitness, Valle Del Sol buildings sold in two separate transactions. Part of a six-building retail development, 2090 North Dobson Road sold for $2,075,000 ($268 PSF) and 2080 North Dobson Road sold for $1,560,000 ($305 PSF). Located at a busy, signalized intersection with +/- 61,000 vehicles passing per day, the properties benefit from excellent traffic counts and exposure. LA Fitness and Lee Lee International Market, currently a 100% leased center, both draw thousands of customers each day to the intersection. In addition, the intersection includes Walgreens, CVS Drugstore, Jack in the Box, Starbucks and McDonald’s —all significant traffic generators.

Judi Butterworth and Lacey Eyman of ORION Investment Real Estate represented the seller in both transactions. Butterworth said, “Valle Del Sol is a successful development located in a great Chandler neighborhood. The out-of-state Buyer bought both properties, which offer visibility, signage, attractive landscaping and unique architectural features. The stable trade area offers a high-income, well-educated customer base.” The buildings were fully occupied at close of escrow.

The seller was Arizona-based BCB-WB Partners, LLC. The buyer, represented by Jason Lamoreaux of Coldwell Banker Commercial, was AVD Land 2 LLC.