ORION Investment Real Estate is pleased to announce the sale of Stonebridge Shopping Center for $4,550,000 ($150/SF). The value-add opportunity consists of 30,195 square feet of retail shops, shadow-anchored by a Safeway grocery store (not a part) in Mesa, Ariz.
In addition to Safeway, the property shares the site with a Del Taco, Jack in the Box, and a Safeway Fuel Station. Situated at the intersection of Val Vista Drive and Southern Avenue on 4.77 acres, the property is less than one mile north of Superstition Freeway. The center was 69% occupied at close of escrow.
Andrew Harrison and Ari Spiro at ORION Investment Real Estate represented both the Buyer and Seller in this transaction. Pac West Land, LLC, was the Seller, and Arizona Partners purchased the center.
“The sale of Stonebridge Center was a win-win for both parties,” said Andrew Harrison, Senior Vice President at ORION. “The Sellers had originally acquired the property in 2012 as an REO and decided they wanted to capitalize on the purchase by year-end. The Buyer was in a 1031 exchange and was looking for a quality asset to add value to by leasing up any vacancies. The Buyer has an extensive track record with a very knowledgeable in-house leasing team, which made this asset a perfect fit,” concluded Harrison.