FOR SALE: NNN Leased Retail Property Located on Light Rail Line | Tempe, AZ

 

PRICE: $900,000.00
BUILDING SIZE: +/-1,400 SF
PROPERTY TYPE: Retail
LOT SIZE: 0.39 Acres
YEAR BUILT: 1960

 

Highlights
New 5 Year NNN Lease
High Traffic Intersection
Freestanding Building on Hard Corner Location
Located along the Light Rail and Adjacent to the McClintock/Apache Light Rail Station
Close to Major Freeways, Arizona State University, and Tempe Marketplace

Description
1800 E Apache is a ±1,400 square foot freestanding building that is fully occupied by Right Quick Convenience Store. This is Right Quick's first location with plans to open a total of 3 in the next 12-18 months.

The property is located on the hard corner of Apache Boulevard and McClintock Drive, in the heart of Tempe. Sitting adjacent to a light rail stop makes for easy transportation to and from Tempe Marketplace, Arizona State University's Campus, and other Tempe amenities. The building is approximately one mile from Loop 101 and 202 freeways.

For more information: NNN Leased 1800 E Apache-Sale Brochure

SOLD: Gateway Park Shopping Center | Page, AZ

Gateway Park Shopping Center

 

Turning the Page on Former Bashas' Anchored Center
August 1, 2016 | Page, AZ

PAGE – ORION Investment Real Estate is proud to announce the sale of Gateway Park Shopping Center for $1,950,000 ($23.84/SF). Located in Page, Arizona by Lake Powell, the ±81,804 square foot neighborhood retail center was constructed in 1990 and formerly occupied by Bashas' Grocery Store.

Gateway Park Shopping Center is located at the intersection of U.S. Highway 89 and Lake Powell Boulevard, adjacent to Lake Powell National Gold Course and across from Walmart Supercenter. Situated on a large lot consisting of approximately 9.45 acres, the center is clearly visible from both well-known cross streets in Page. Page is a town in northern Arizona located on the southern shores of magnificent Lake Powell. The city has grown steadily, and has become the gateway to the Glen Canyon National Recreation Area and Lake Powell, attracting more than 3 million visitors per year. Page is also home to two of the largest electrical generation units in the western United States, Glen Canyon Dam and the Navajo Generating Station. The city is ideal for exploring many of the American Southwest's renowned national parks and monuments, as well as partaking in recreational activities.

Nick Miner, CCIM, Senior Vice President at ORION Investment Real Estate, represented the Seller in this transaction. Miner said, "This was an REO asset and was the classical example of what happens to a center when the main anchor tenant moves out. It has been vacant since Bashas' filed bankruptcy several years ago. The buyer was able to acquire the property after several attempts at trying to purchase it. At the end of the day, the buyer was able to purchase this property at a significant discount because of the vacancy issue."

ORION reported that traditionally properties located in smaller cities like Page are difficult to transact, as the potential buyer pool is slim, especially vacant, non-core assets. According to the 2010 U.S. Census, Page has a population of 7,247 residents. Miner concluded, “We are pleased to see a local buyer purchase this asset and are confident that they will restore Gateway Park to its former glory and restore it to become an asset to the community.”

The property was sold by CopperPoint Mutual Insurance Company. D&S Gardner 3, LLC purchased the asset, who was represented by a local broker in Page, Arizona.

 

Gateway Parking Shopping Center
665 S Lake Powell Blvd
Page, Arizona
± 81,804 SF
Built in 1990

 

Additional Links

Commercial Executive Magazine (CEM)

Turning the Page on Former Bashas’ Anchored Center - ORION

AZ Big Media

Lake Powell News - Gateway Park Shopping Center SOLD!

SOLD: Former CheckSmart in Phoenix Arizona

Former CheckSmart

Exclusively represented the Seller in the disposition of a formerly occupied CheckSmart building in Phoenix, Arizona.

Salient Facts:
Sales Price: $950,000
Size: 2,400 SF
Year Built: 1975 / Renovated 2005

I originally sold this property to the Seller in 2006 as a net leased investment.

For more information, shoot me a quick email!

2012 Retail Property Recap

2012 ended up with more than 100 properties trading hands. That is down a little from 2011. Prices are still below peak prices from 2008 ($240/SF) to just under $96/SF in 2012. That is still about a 60% price adjustment from peak.

Investors are searching out well located centers with value-add components. The best opportunities are the ones that are newer construction with very little capital improvements needed.

My prediction for 2013 is that sales velocity for retail center will continue at a strong pace. It is going to force capitalization rates to compress a little this year for the B to A property types. C and lower will still be purchased on a price per square foot basis. That range will largely depend on location. If the center is inside "the loops," I predict the range to be in the $95-115 per square foot range. If the properties are located outside "the loop," it will be in the $60-$75 per square foot range.

Retail Dollar Volume & PSF Retail Average Cap Rates Retail Sales Transactions

 

**Source: ORION Investment Real Estate Research & Costar. Strip Centers & Neighborhood Centers from 10,000 Sq. Ft. to 50,000 Sq. Ft.

Retail Property Asking Rent – Lease Trends

The average asking lease rate for retail properties in the metro area was $14.16 per square foot for the month. This is down 5% from the previous year, and down 0.7% from the end of the second quarter of 2012. Asking lease rates for retail properties have fallen to a new three-year low this month. Prior to this, the record three-year low was last month at $14.19. Source - LoopNet

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