ORION Investment Real Estate is pleased to announce the closing of Greenfield University Plaza located at 4355 East University Drive in Mesa, Arizona for $2,275,000 ($111 per SF) to SAI Baba Investors, LLC.
The Seller was DP89, LLC whose parent company is DeRito Partners, Inc. based in Phoenix. DeRito purchased the property as a short sale in 2011 from C-III Asset Management and was represented by ORION in that transaction as well. DeRito added their leasing expertise and stabilized the income and tenant base and increased revenue through leasing the premier space to Cash 1 Title Loans. The new Buyer plans to continue to add value by leasing up the remaining space. “This is truly a win-win transaction in which the Seller increased the value of the asset, made a profit, and still left some ‘meat on the bone’ for the next Buyer”, noted Ari Spiro, ORION’s lead broker on this transaction.
The property was built in 1988 and sits on 2 acres on the southeast corner of Greenfield Road and University Drive. A the time of sale the center was 75 percent occupied by multiple tenants including Subway Sandwiches, Southwest Dental, Cash 1 Title Loans and Los Betos Mexican Food.
Ari Spiro and Sean Stutzman of ORION Investment Real Estate in Scottsdale negotiated the transaction (www.ORIONprop.com). Spiro and Stutzman focus on investment sales of multi-tenant commercial properties.