PHOENIX—In this edition of Deal-Tracker, ORION Investment Real Estate announces the closing of the Campbell Shops at 24th Street located at 4517 North 24th 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.
“This investment was unique in that the current cash flow provided a stable base to this investor allowing them the ability to lease-up and build out the remaining vacancies in a dynamic, infill submarket that otherwise has little vacancy” says Ari Spiro, president of ORION.
PHOENIX—Lo-Lo's Chicken & Waffles in Scottsdale, 3133 N. Scottsdale Rd., recently hosted its grand opening. LGE Design Build constructed the 5,400-square-foot location, just a quarter mile north of its former Scottsdale location.
“Lo-Lo's Chicken and Waffles has a unique style and feel, which we translated to the new Scottsdale location,” says David Sellers, president of LGE Design Build. “It's not like other restaurants; there's a certain vibe at Lo-Lo's that customers come to expect. Our design team worked very hard to capture it and by all indications, we have.”
The Lo-Lo's Chicken & Waffles in Gilbert, 366 N. Gilbert Road, is scheduled to open December 1. The 4,300-square-foot property, which represents a tenant improvement project for LGE, is located within the existing new Heritage Marketplace development in downtown Gilbert.
LGE also built the original Lo-Lo's at 1220 S. Central Ave. in Phoenix, in 2002. Lo-Lo's has a location at Phoenix Sky Harbor International Airport's Terminal 4. Real estate veterans Mike Anderson and Bret Anderson are among Lo-Lo's partners.
TUCSON—Equilibrium Garden Park, LLC bought a 68-unit, 36,224-square-foot, apartment complex at 201 E. Yavapi St. in Tucson, from CIMA 1 Partners, LLC for $1,483,000. Bob Kaplan, investment specialist with Cushman & Wakefield | PICOR, represented the seller. Sofonias Astatke with Equilibrium Realty, LLC represented the buyer in this transaction.
TUCSON—Ross Property Group, LLC purchased an 11,408-square-foot industrial building with at 1601 E. 22nd St. in Tucson from Nepenthe Associates, L.P. for $400,000. Ron Zimmerman, commercial specialist with Cushman & Wakefield | PICOR, represented the seller. Dean Cotlow with Cotlow Company represented the buyer in this transaction.
TUCSON—Western States Flooring renewed their lease for 10,080 square feet at 3741 EB I-10 Frontage Rd., Suite 111 in Tucson from Peacock Investment Builders Tucson I, LLC. Rob Glaser, Stephen Cohen, and Russ Hall, industrial specialists with Cushman & Wakefield | PICOR, handled this transaction.
TUCSON—GME Co. dba US Lawns leased 1,255 square feet at 3100 N. Stone, #212 in the Northstone Business Village in Tucson from 3100, LLC. Brandon Rodgers and Jeff Zellet with Cushman & Wakefield | PICOR, represented the landlord in this transaction.
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