Terra Marketing just acquired Plaza at the Orchards, a 52k SF retail center just off the Loop 303 Freeway, in an off-market transaction. The fully occupied center sold for $8.9M, or $171/SF. Plaza at the Orchards is at the intersection of Bell and Reams in Surprise, which sees about 46,000 vehicles each day.
Orion Investment Real Estate president Ari Spiro and principal Sean Stutzman negotiated the transaction. Ari says the property will “continue to grow and thrive with the explosive growth in this submarket,” noting Surprise has had population growth of more than 260% since 2000. Terra Marketing, based in Gilbert, purchased the center as part of a 1031 tax-deferred exchange.
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