PHOENIX—In this edition of Deal-Tracker, ORION Investment Real Estate announces the closing of the Campbell Shops at 24^th Street located at 4517 North 24^th Street in Phoenix for $2.3 million to Santa Fe Arms LLC, managed by Steve Olafson in Scottsdale. The seller was Greenfield-Inverness, LLC based in Phoenix. The property was 57% occupied at time of closing. The current tenants are 7-Eleven and Ye Olde Pipe & Tobacco Shoppe who are both signed to long-term leases.

Ari Spiro and Sean Stutzman of ORION negotiated the transaction. The buyer was drawn to the strong location, in-place cash flow and ability for upside through lease up.

The 8,750-square-foot strip center was originally built in 1962, but was completely renovated in 2007. The center is well-located near the major intersection of 24th Street and Camelback Road in the Camelback Corridor submarket. The population within five miles of the property is 330,000 and is in close proximity to Biltmore Fashion Park, Camelback Esplanade and several high rise condo developments.