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.