Phoenix, Arizona – Encanto Village, a +/- 20,000 square foot shopping plaza sold to a local investor for $2,300,000. Built in 1951, Encanto Village sits on the hard corner of 15th Avenue and Thomas Road adjacent to the 222-acre Encanto Park in central Phoenix. The Seller, a private investor based in Phoenix, had owned the asset for over 20 years. “Encanto Village has been a staple in Encanto neighborhood since 1951 so it was important for the seller to pass it off to someone who would bring it back to its glory. The Original Hamburger Works has been an anchor to the property since 1967 but the rest of the center has struggled with some larger vacancies. The new buyers have vast experience in developing and redeveloping properties like this,” stated Andrew Harrison who represented the buyer along with Ari Spiro and Sean Stutzman, all of ORION Investment Real Estate.
Small shopping centers on hard corners in infill locations continue to garner strong demand from local and out-of-state buyers. “The buyer was attracted to the property due to its close proximity to the Historic neighborhoods of Encanto, Willo, and Encanto Park. Encanto Village has an attractive design you don’t typically see in modern day retail development. The new owners saw the dense demographics and strong daytime population as an additional driver. The Phoenix College Campus, Dignity Health St. Joseph’s Hospital, Park Central Mall, and Honor Health have made major impact on the trade area,” said Ari Spiro, ORION’s President.
The Buyer, Arizona Partners is an experienced, Scottsdale-based buyer. Spiro reported that the “Buyer performed quickly, closing the transaction in 14 days. Their plan is to extensively renovate the plaza and stabilize the rent roll.” Spiro went on to comment that, “We were grateful to the Seller’s agents, MPB Realty, for ensuring a smooth transaction.”
About ORION Investment Real Estate
ORION Investment Real Estate (“ORION”) is a leading full-service brokerage firm based in the Western United States. With several years of continued growth and success, and more than a billion dollars in recent transactions, the ORION team provides best-in-class service to the commercial real estate community. Boasting an extensive knowledge of the market and properties, ORION uses a tailored marketing and structured approach to each client to unlock the potential of every deal. ORION is headquartered in Scottsdale, Arizona. For more information on ORION, please visit our website at www.ORIONprop.com