Scottsdale building leased to Old Town Gringos sold for $2.2 million

An Old Town Scottsdale property at 4209 N. Craftsman Court was sold for $2,226,125. (Submitted photo)

An Old Town Scottsdale institution leased to Old Town Gringos, formerly known as Dos Gringos, was recently sold for more than $2.2 million by ORION Investment Real Estate.

“With one of the largest outdoor patios in Old Town Scottsdale, the property has attracted patrons for over 20 years,” according to a release.

ORION Investment Real Estate was hired by the seller, STORE Capital, to market the asset.

The 2,948-square-foot bar/restaurant at 4209 N. Craftsman Court with approximately 6,000 square feet of patio space sold for $2,226,125, according to the release and an e-mail from Aimee Healy, ORION marketing manager.

“With substantial term remaining on the tenant’s lease, the ORION brokers for this transaction do not anticipate anything substantially changing with the operations of Old Town Gringos,” according to the release.

“By broadly marketing this asset and working with numerous buyers, we ultimately selected an all-cash buyer that could close quickly and reliably due to their understanding of, experience, and enthusiasm for the Old Town sub-market,” ORION’s Vice President Michael Achtman said in the release.

“At over $700 per square foot for 1960 construction, the leasing expertise and local submarket knowledge of Michael Achtman and Jennifer Eggert were instrumental in garnering multiple offers within the first week of our marketing efforts,” Ari Spiro, ORION’s president and co-listing agent, said in the release.

The property was purchased by a local investment group with holdings in the immediate area that was looking to add to its portfolio of properties. Trent Goulette with Southwest Retail Group represented the buyer, according to the release.

ORION Investment Real Estate is a full-service brokerage firm based in the Western U.S. For more information, go to ORIONprop.com.

The Scottsdale Independent is published monthly and mailed to 75,000 homes and businesses in Scottsdale.

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