ORION Investment Real Estate announced the closing of Union Hills Square, a 11,960-squared-foot multi-tenant retail pad, located in Glendale, Ariz. for nearly 2.9 million ($239 SF) to Cave Cree Capital Partners of Scottsdale, Ariz.
“This is the second asset we have represented CCCP on purchasing from a lender this year” explains Andrew Harrison, Vice President at ORION. ORION identified this property as a core asset for the buyer’s portfolio last year. Last month, the Lender elected to auction this asset. “At the initial auction, the reserve was not met and the buyer had to go into a final and best format with two additional bidders to finally secure the property,” continues Harrison.
Union Hills Square was fully leased at close of escrow and is anchored by the award winning Arrowhead Grill, Ziegler’s New York Pizza Dept., Arrowhead Cabinets, and Granite for Less.
The retail center is located within a highly dense infill location with over 256,857 people in a five-mile radius with an average household income of $70,506. The property has excellent visibility from Union Hills and receives over 34,000 vehicles per day on Union Hills Drive and 122,000 vehicles passing on the 101 Freeway.
The property benefits from neighboring national retailers including Walmart, Sam’s Club, LA Fitness, and Starbucks to name a few. In addition, the property is within close proximity to Arrowhead Towne Center, a 1.196-million-square-foot super regional mall owned and operated by Macerich.
Andrew Harrison of ORION Investment Real Estate in Scottsdale negotiated the transaction (www.ORIONprop.com). Harrison focuses on investment sales of multi-tenant commercial properties.