ORION Facilitates Phoenix Office Property Sale
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The seller, Republic West Remodeling, will continue to occupy part of the building, while the remaining space will be leased out to a new tenant.
By Jeff Hamann
ORION Investment Real Estate facilitated the sale of an office property at 8101 E. McDowell Road in Scottsdale, Ariz. The building, containing 18,000 square feet of office and industrial space, sold for $2.2 million to local real estate investors and restaurant franchise owners Chad Burge and Tiffany Oder. The new owners plan for a new tenant to initially move into a small part of the property. The building is currently occupied by previous owner Republic West Remodeling, who has inked a leaseback deal to remain at the property.
The two-story building, constructed in 2003, contains three roll-up doors and sits just west of the 126-acre General Dynamics Mission Systems campus. Located one mile west of the Pima Freeway and two miles north of the Red Mountain Freeway, the property is served by three bus lines operated by Phoenix’s Valley Metro system. A number of retail centers and restaurants are in the immediate area.
“This was a win-win transaction. The seller was able to downsize into the property under a leaseback, while the buyer was able to have a tenant occupy a small portion of the property, as they grow into the entire property,” said Nick Miner, senior vice president of ORION, in prepared remarks.
ORION’s Judi Butterworth and Nick Miner brokered the transaction.
Image courtesy of ORION Investment Real Estate