Located near the recently opened Loop 303 Freeway, Plaza at the Orchards includes 52,134 square feet of retail and is anchored by the premier Arizona fitness operator, Mountainside Fitness.
The attractively designed, well-maintained property sold for $8.9M ($171/SF) and was 100% occupied at close of escrow. Ari Spiro and Sean Stutzman, President and Principal at ORION Investment Real Estate, negotiated the off market transaction.
With nearly 46,000 vehicles per day at the busy commercial intersection of Bell and Reems, that has strong retailers, such as Fry’s Food Stores (Kroger), Walgreens, Tutor Time, and more, this property will “continue to thrive with the explosive growth in this submarket,” noted Spiro. Since the year 2000, Surprise has seen a population growth of over 260%. Surprise has won multiple Top 10 awards for Safety, Fiscal Fitness, and Family-Friendliness, in regards to top cities across America.
The Buyer of the property, Terra Marketing, Inc. from Gilbert, Arizona, was in a 1031 tax-deferred exchange and “this fit the bill from a cash flow and income stability standpoint. Anchored by Mountainside Fitness, the remaining tenants are a solid collection of businesses that are well-supported by the consumers of Mountainside,” commented Stutzman.
Stuzman concluded, “The Selling entity was largely comprised of local businessmen, who preferred an off-market transaction. The Sellers thought the 100% occupied property will continue to perform well in this rapidly growing trade area and that it was an opportune time to sell!”