After receiving close to a dozen offers during the 30-day marketing period, ORION Investment Real Estate announces the closing of Plaza Fountainside located at 12645 North Saguaro Blvd. in Fountain Hills for $4.1 million ($178 per square foot) to LIPA, LLC and KUNA, LLC, family partnerships with principals in California and Arizona.
The seller was Pinciero, LLC out of Calgary, Alberta. The property was 100 percent occupied at time of closing.
The Class A shopping center is located along the waterfront in the Heart of Fountain Hills. Its variety of restaurants and retailers benefit from the tourist traffic to the world famous Fountain Hills Fountain (towering 560 feet overhead), as well as the local foot traffic that the 32-acre park attracts.
Built in 2000, the unique waterfront retail property is well-maintained and has an attractive design. The Palm Tree lined avenue leading up to Plaza Fountainside is punctuated by soaring mountains in the distance including the McDowell Mountains to the west, Four Peaks to the northeast and Red Mountain to the southeast.
The all-cash Buyer was drawn to the strong location and variety of local tenants including Ristorante Arrivederci, Euro Pizza, Grapeables Wine Bar and Mountain View Coffee Company. ORION’s President, Ari Spiro, stated that “This is the third time that we have sold Plaza Fountainside over the past 12 years. It is one of the most unique and attractive properties in the Greater Phoenix
Metro area. It has always received a lot of interest and is one of the more significant assets in this price point. The buyer believed in the intrinsic value of the real estate and believed that they will add value over time.”