ORION Investment Real Estate’s Nick Miner, CCIM and Andrew Harrison, are pleased to announce the successful sale of Sunburst Plaza in Glendale, Arizona located at the Southwest corner of 43rd Avenue and Bell Road in Glendale, Arizona. The 103,000 square foot shopping center sold for $9,300,000 to Sunburst Station LLC an entity affiliated with Phillips Edison & Company based in Cincinnati, OH. The Seller in the transaction was The Sunburst Plaza Company, LLC based in Beverly Hills, CA. The anchor tenant occupying Sunburst Plaza is a 56,000 square foot Fry’s Food Store (Kroger) that was originally developed in 1987. The grocery store has recently gone through an expansion and remodel over the last couple years in addition to adding a Fry’s fuel pump pad.
Additional tenants occupying the center include Epic Thrift, H & R Block, Just Brakes, Fresh Vitamins, as well as numerous local tenants. The grocery anchored center is located within an infill location on a major arterial road with traffic counts that exceed 55,000 vehicles per day at the intersection.
ORION’s Vice President Nick Miner, CCIM, “The buyer has been focused on acquiring this asset for over two years. The challenge was the existing CMBS debt. The deal was structured so that when the prepayment penalty extinguished, the Buyer was able to purchase it unencumbered. Both the seller and buyer walked away from the transaction very satisfied.”