ORION leases and sells north Scottsdale retail development

Artist’s rendition of ORION Investment Real Estate’s new, developed retail center in north Scottsdale. (Submitted photo)

ORION Investment Real Estate has a newly-developed retail center in North Scottsdale selling off market for $6,150,000.

Going for $430.67 per square foot, the grocery-anchored development traded at a low six percent cap rate with a rent guarantee on the last vacant space, according to a press release describing the area located in a Bashas’ supermarket anchored center, serving the McDowell Mountain Ranch, DC Ranch, Windgate, Silverleaf, and Ironwood Village Communities.

The five-tenant building includes The Whining Pig, Banfield Pet Hospital, 9Round Fitness and Rehab Plus, with one suite still available, the release noted.

Jennifer Eggert and Michael Achtman, ORION’s leasing specialists, worked on pre-leasing the newly-constructed development. They assisted president and principal of ORION, Ari Spiro and Sean Stutzman with the sale, according to the release.

“The vision of our developer to not make this building look like a typical shopping center, really helped with our leasing efforts; it made the project unique and attracted quality tenants,” said Ms. Eggert in a prepared statement.

“I have worked with the developer for nearly 20 years; they took great care with the building design and with our leasing specialists to cultivate a tenant base that has a strong mix of credit and e-commerce resistant tenants that will be impactful to the surrounding community and complement the neighboring tenants,” noted ORION President Spiro.

The seller was a partnership of Jeff Kitchen and Tiny Cap, LLC, a wholly-owned investment firm of Jim Mullin, who is pursuing opportunities with its Opportunity Zone funds, noted the release.

While construction management was provided by Mullin360Build, the project was developed by Mullin360, which is the same developer completing the 84-acre Scottsdale AutoShow at Salt River located between Pima Road and Loop 101 Freeway, south of Indian School Road in Scottsdale.

Eric Termansen and McKenna Boyle Wesley of Western Retail Advisors represented the buyer, the release added.

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