By Laura Calugar
Phoenix—Scottsdale-based ORION Investment Real Estate has announced the $2 million sale of Indian School Plaza, a 65,000-square-foot office building in Phoenix. The brokerage firm represented the seller, Arizona-Cal Note Investments 4.5 LLC, while West USA Realty represented the buyer, 3001 W Indian School LLC. This was an all-cash transaction.
Located near the corner of 31st Avenue and Indian School Road, the Indian School Plaza is immediately adjacent to Interstate 17 and less than 1 mile from Grand Canyon University. The property is below replacement cost, with an open air atrium design. At the time of the deal, the building was 92 percent occupied.
“The buyer has plans for extensive capital improvements to the property to further enhance his investment, and the seller sold this property because they were able to achieve their desired return and focus on their other projects,” said ORION Senior Vice President Nick Miner and Associate J.T. Taylor, in a prepared statement.
The 1972-built office building has a traffic count of more than 52,000 vehicles per day, with a population density of 508,000 within a five mile radius in 2015.
Image courtesy of ORION