PHOENIX—In this edition of Deal-Tracker, Colliers International in Greater Phoenix recently sold Scottsdale's 35,733-square-foot Village at Via Linda shopping center for $3.75 million as part of a 1031 exchange.

Arizona Partners of Phoenix, a real estate developer and investment firm, purchased the center, 8989 E. Via Linda, from Village of Via Linda LLC of Los Angeles.

Colliers' Scottsdale office brokered the transaction. Lauren Rodes, a former associate with Colliers, represented the buyer. The seller's brokers were Mike Milic, vice president, and Tyler Bush, associate; both of Colliers.

The two-story shopping center with office space is situated on 2.67 acres. The center is approximately 60 percent leased to office and retail tenants, including two insurance companies as well as retail tenants such as a flower shop, a pet hotel and a Thai restaurant.

The center is in the “Cure Corridor,” an area along Shea Boulevard to the Scottsdale Airpark which contains a high concentration of bio-life science activity. The property also is south of the Honor Health Scottsdale Shea Medical Center (formerly Scottsdale Healthcare). Loop 101 is less than a quarter mile away.

“Village at Via Linda is located in one of the most desirable submarkets in the entire metropolitan region,” Milic says. “It is located within McCormick Ranch, a mature and growing retail, office and residential area, near the Scottsdale Ranch and Gainey Ranch master-planned communities and the Cure Corridor. It is a highly attractive property.”

PHOENIX—ORION Investment Real Estate has closed on Plaza 7 located at 18449 N. 7^th St. in Phoenix for $2.3 million to a private individual who has a portfolio of commercial properties in Phoenix. The sellers, ACV Calzona I, LLC, are developers based in Sonoma, CA who held with Plaza 7 after developing the CVS that anchors the center which was not part of the transaction. The property was 87% occupied at time of closing, bringing in strong cash flow with stable and successful tenants such as Pizza Hut, Proswingz, and Title Max.

The transaction was marketed and negotiated by Derek Buescher and Andrew Harrison of ORION Investment Real Estate.

Plaza 7 spans 16 square feet sitting on 1.22 acres of land, and is anchored by CVS Pharmacy. The property is located just minutes from the Loop-101 & I-17 freeways. The intersection at 7^th and Union Hills is home to many large retailers that draw people to the area including Bashas', Goodwill, Dollar Tree, Dairy Queen, Dominos, and more. With an NOI of over $220,000 annually and an excellent Cap of 9.8%, Plaza 7 will prove an excellent investment for the buyer.

Plaza 7 is located within a populous area with over 276,500 employees in a five mile radius, and an average income of $65,000 dollars as of 2014.

“Plaza 7 Shopping Center is an infill shopping center that is well maintained within a mature neighborhood of Phoenix. The property was approximately 87% occupied at the time of sale and is shadow anchored by a newly developed CVS drug store. The offering provided for a stable investment for the private investor who wanted to take advantage for historically low interest rates” say Andrew Harrison, vice president, and Derek Buescher vice president of ORION.

PHOENIX—DTZ closed the sale of 50 acres on the southwest corner of Interstate 10 and 119^th Avenue in Avondale to Avondale I-10, LLP, which purchased the land for $2 million from Salt Lake City investment firm FNBN Spectrum, LLC (dba Sorenson Group Management).

DTZ vice presidents Brian Rosella and Will French represented both the buyer and seller during the sales transaction.

The site, which is zoned AG, is one-half mile from the I-10 interchange at Avondale Boulevard and has over 1,200 feet of frontage on the freeway. The buyer plans to hold the site for future development.

Instant Insights /

Deal Tracker: Retail & Land Trade

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