Sahuarita Plaza Sells for $14.8 Million

Sahuarita Plaza, 18705-18806 South I-19 Frontage Road, Sahaurita, AZ

Sahuarita, Arizona – The Sahuarita Plaza Shopping Center at 18705-18806 South I-19 Frontage Road in Sahuarita sold for $14,760,492 ($106.47 PSF). The seller, Cole Valley Partners (Zach Bonsell, managing partner) acquired the Sahuarita Power Center located at the I-19 and Duval Mine Rd Interchange in December, 2014.

Dollar Tree was added to the west end of the center by Cole Valley Partners and additional building square footage that totaled 138,639-square-feet at time of sale on 19.74 acres.  Anchored by Ross, Big Lots, PETCO, and Ace Hardware the center was 100% occupied when it sold.

See Real Estate Daily News Sahuarita Power Center Sells for $12.23 Million for prior transaction.

David Bernstein and Dave Murphy with The Bernstein Murphy Companies of Scottsdale represented the seller. Sean Thomas with SRS in Phoenix represented the investor, SD – Sahuarita Properties, LLC (LBM Investments, manager) of LaJolla, California.

For more information, Bernstein and Murphy can be reached at 480.656.1150 and Thomas can be contacted at 602.682.6000.

To learn more, see RED Comp #5334.


Sunrise Plaza Sells at Full Occupancy

bell_rd_01PHOENIX, Arizona – ORION Investment Real Estate is proud to announce the sale of the three-tenant retail center for $1.5 million ($159 PSF). Sunrise Plaza located at 1427 East Bell Road in Paradise Valley. Anchored by Sunrise Preschool and IntelliSchool, the property was 100% occupied at close of escrow. The sale included Alyeshmeni Chiropractic, IntelliSchool, and CrossFit BCR. The sale did not include Sunrise Preschool, the anchor tenant for the property, which occupies the western-most portion of the project.

Nick Miner, CCIM, Senior Vice President at ORION Investment Real Estate, represented the Seller in this transaction. Miner said, “Both Buyer and Seller were able to achieve their goals. Buyer receives a great property with a stable, good mix of tenants, and Seller is able to redeploy working capital into other projects.”

The Seller in this transaction was GRRO III LLC, represented by Nick Miner, CCIM and J.T. Taylor at ORION. The Buyer, Seven Hills Phoenix LLC, was represented by Sean Thomas at SRS.

For more information Miner and Taylor can be reached at 480.634.6934.

SRS Negotiates the Acquisition of Paradise Hills Center for $9.25 M

Paradise Hills Shopping Center

PHOENIX, AZ – SRS is pleased to announce the acquisition of Paradise Hills Shopping Center on behalf of their client Abington Emerson Investments. The 79,105-square-foot neighborhood center is located at the NWC of 32nd Street and Shea Boulevard, in the North 32nd revitalization district.

Paradise Hills has significant shop space upside potential and was purchased for $9.25 million ($117 PSF). As part of the acquisition, Abington Emerson plans to further redevelop the Ace Hardware anchored center.

“Abington Emerson is excited about the purchase of Paradise Hills,” said Brent Howard of Abington Emerson. “32nd Street is evolving, and with our redevelopment plans, we hope to make Paradise Hills the cornerstone of the 32nd Street corridor.”

Sean Thomas and Ed Beeh with SRS represented Abington Emerson in the transaction. Sanford Burstyn of Marcus & Millichap represented the seller.

Paradise Hills Shopping Center is located at the NWC of 32nd Street and Shea Boulevard in Phoenix. Tenants in the center include Ace Hardware, Youfit Health Club, Villa la Paws, A Second Look consignment, and local favorite 32 Shea Café.