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Fargo Buyer Seeking to Revitalize Center

Phoenix Retail
Fargo Buyer Seeking to Revitalize Center

Fletcher Heights is getting a new lease on life. Colliers' Daniel Ortega and Larry Ortega helped the local owner sell the 22,400 SF strip center off N. 83rd Ave to an investment group from Fargo for $3.15M. Now the Class-B center is primed for a new start with a 75% occupancy rate. “The loss of the anchor store was a major challenge" in retaining and adding tenants,” Daniel tells us. “The area is a stable upper-middle class neighborhood with new housing starting back up. And the trade area opened up when the off-ramp at Union Hills became operable.”

Related Topics: Colliers, Ortega, fargo