ORION Arranges Phoenix Retail Acquisition

The fully occupied property last traded in 2014. The asset serves four major neighborhoods and sees an average annual daily traffic count of roughly 24,000 vehicles.
Campbell Shops at 24th
Campbell Shops at 24th

Campbell Shops at 24th, a retail center in Phoenix’s Camelback corridor, has traded for $4 million. ORION Investment Real Estate brokered the transaction between seller Santa Fe Arms LLC and KCS Arizona LLC.

The 8,682-square-foot property is located at 4525 N. 24th St., less than a mile from busy Camelback Road. The surrounding neighborhood features several other retail, dining and entertainment destinations. According to ORION, there are more than 2,500 recently finished apartments in the nearby area, as well as thousands more under construction. According to the Arizona Department of Transportation, 24th Street has an annual average daily traffic count of just under 24,000 vehicles.

The asset is fully leased to several tenants. Ye Old Pipe & Tobacco, 7-Eleven, Fit Optical and Noble Eatery all have long-term leases at the retail center. The property serves customers from several neighborhoods: Biltmore, Paradise Valley, Arcadia and Camelback. KCS Arizona acquired the strip retail property in 2014 and successfully brought it to full occupancy.

Recently, ORION Investment Real Estate also brokered the $2.2 million transaction of an office building at 8101 E. McDowell Road in Scottsdale, Ariz.

Image via Google Street View