TEMPE, Arizona – Papago Hills, an 11,646-square-foot freestanding retail center, sold for $3.025 million ($260 PSF). The property is located on the northeast corner of Priest Drive and Washington Street in Tempe.
Arizona State University, Phoenix Municipal Stadium, Phoenix Zoo, and Papago Golf Course are all nearby. Many developments are currently underway in the blooming city of Tempe, including The Grand, a land development right across from the property. Papago Hills is positioned directly next to a Light Rail station and one half mile away from the Loop 202.
Derek Buescher, Vice President at ORION Investment Real Estate, facilitated the sale. "Papago Hills is a prestigious retail center with a terrific mixture of national and local tenants. With The Grand development being constructed across the street, and the numerous office properties in the area, Papago Hills retail center should have no problem thriving for years to come," said Buescher.
ORION represented the Seller, SMJ Investment Properties, LLC. The Buyer was MMH Priest and Washington, LLC. Papago Hills was 93% occupied at close of escrow by Starbucks, Port of Subs and Filibertos.
For more information, Buescher can be reached at 480.634.6934.