Commercial Real Estate & Business News – October 4, 2017

Investors continue to buy fewer apartment properties than they did last year. Yet prices continue to rise. "It's another down month for volume, but prices are still increasing," says James Costello, senior vice president for Real Capital Analytics (RCA), a New York City-based research firm. Usually prices fall when transaction activity slows..»
The not seasonally adjusted (NSA) national construction unemployment rate was 4.7 percent in August, down 0.4 percent from a year ago and the lowest August rate on record, the U.S. Bureau of Labor Statistics (BLS) reported. Unemployment rates were also down in 35 states on a year-over-year basis...»
In order for retailers to thrive and remain viable long term, they must continue to evolve to meet changing needs and consumer demands. If they don't evolve they go extinct, as we have seen over the last 20 years. A current example is that of the department store concept. In their 1970s heyday, they were the only major shopping option for consumers..»
A Phoenix apartment development has been sold for $125.5 million. Business Real Estate Weekly of Arizona reports that Florida-based PrideRock Capital Partners bought the IMT Deer Valley multifamily complex from California-based IMT Residential. It's been renamed Heritage at Deer Valley. The Deer Valley complex has 832 units..»
Several commercial real estate industries could face a deepening labor shortage in coming years due to proposed immigration policies. If enacted, policies restricting legal immigration could make it increasingly difficult to fill various positions in the industry, according to a recent Cushman & Wakefield report...»

SOLD: Bell Plaza Retail Center | Phoenix, Arizona

 

ORION Closes Bell Plaza in Northwest Phoenix
June 20, 2017 | Phoenix, AZ

PHOENIX – ORION Investment Real Estate is pleased to announce the sale of Bell Plaza, located at the signalized corner of 17th Avenue and Bell Road, for $3,275,000 ($229/SF). Bell Plaza is a 14,320 square foot strip center, situated on approximately 1.41 acres. With ample on-site parking and visible monument signage, the property has always maintained a higher than market occupancy rate for the immediate area. The property boasts good demographics with over 135,000 people within a three mile radius. Bell Plaza has a great mix of national and local tenants, including Cricket Wireless, Amelio’s Pizza, and Finish Line Bar, to name a few. At the time of sale, there was only one small vacant space.

Nick Miner, CCIM of ORION Investment Real Estate represented the Seller in this transaction. "Buyer was in a 1031 exchange and identified this property as their replacement. Both Buyer and Seller were able to achieve a win-win on this transaction,” noted Miner.

The Buyer, S.M.G. Investments, LLC, was self-represented and said of Nick Miner, "Thank you for your assistance and professionalism in this trade."

 

Bell Plaza
1704-1728 West Bell Road
Phoenix, Arizona 85023
Year Built: 1974
14,320 SF

Related Links:

ORION Closes Bell Plaza in Northwest Phoenix - Real Estate Daily News
ORION Closes Bell Plaza in Northwest Phoenix - Commercial Executive Magazine

SOLD: 4.89 Acres Commercial Land

Mountain Park Health Center Acquires 4.89 Acres of Vacant Land
May 15, 2017 | Phoenix, AZ

PHOENIX – ORION Investment Real Estate recently negotiated the land site located at 645 East Baseline Road in Phoenix for $1,870,000 ($8.77/SF). Situated on the southwest corner of Baseline Road and Maradian Way, the vacant land totals ±4.89 acres and is zoned C-2. It is located adjacent to a Walgreens and surrounded by other retailers and fast food restaurants, such as Burger King, Taco Bell, Subway and Discount Tire.

Nick Miner, CCIM, Senior Vice President at ORION Investment Real Estate, represented the Buyer, Mountain Park Health Center (MPHC), in this transaction. Miner said, "After several years of trying to acquire the parcel for MPHC, it finally came to a reality." This was MPHC's second land transaction with Miner in the immediate area. “This will help MPHC further expand their footprint in the immediate area and continue to build on their mission of working with the communities it serves to sustain and improve health by providing affordable primary care.”

The Seller was South 7th Street Investments, LLC.

Vacant Land
645 East Baseline Road
Phoenix, Arizona 85042
4.89 Acres

Related Links:
Mountain Park Health Center Acquires 4.89 Acres of Vacant Land - Real Estate Daily News

SOLD: Industrial Land – 40th Street & I-10

38th St & Anne

PHOENIX – ORION Investment Real Estate recently sold the land site located at 3734-3744 East Illini Street in Phoenix for $650,000 ($7.87/SF). Located on the hard corner of 38th Street and Anne Street, the site has immediate access to Interstate 10 and is minutes from Phoenix Sky Harbor International Airport.

Nick Miner, CCIM, Senior Vice President at ORION Investment Real Estate, represented the Seller in this transaction. Miner said, "This was excess property for the Seller.  They originally intended to build on the site, until another opportunity came available a couple of years ago to purchase an existing warehouse and retrofit for much less than new construction.  The Buyer intends to construct a new building for the expansion of their business down the road." From open to close, this took less than 45 days.

The Seller was Expansion Dynamics Inc., represented by ORION. Perez Property Management, LLC purchased the land.

Land
3734-3744 East Illini Street
Phoenix, Arizona 85040
1.9 Acres

 

Related Stories:

ORION Negotiates 1.9-acre Land Site in Phoenix - Real Estate Daily News

SOLD: Infill Redevelopment Opportunity | 2.15 acres | Phoenix, AZ

2604 N 27th Street

PHOENIX – Situated on 2.15 acres, this excellent infill development recently sold for $840,000. The site is located just south of the southwest corner of Cambridge Avenue and 27th Street in Central Phoenix.

Nick Miner, CCIM and J.T. Taylor at ORION Investment Real Estate represented the Seller in this transaction. "This was a great infill redevelopment property. Before we were involved in the marketing efforts, a previous buyer was planning to build 10 single-family lots on the property. The new Buyer intends to construct a development that has more density and will be a product that they have already developed on other sites in the immediate area," said Miner.

The Seller was Two Blonde Chicks, LLC, represented by ORION. The Buyer, Arcadia 1, LLC, was represented by Remo Paul at Realty One Group.

Land
2604 North 27th Street
Phoenix, Arizona 85008
2.15 Acres

Related Stories:

2.15 acres sold near 24th street and Thomas road -  AZ Big Media

Central Phoenix Infill Site sold for Hi-Density Development - Real Estate Daily News

Infill development planned near 24th street and Thomas road - Rose Law Group Reporter

 

footer script.