Arizona Partners Pays $2M for 20K-SF Encanto Village

Arizona Partners, with renovation in mind, acquired Encanto Village, a 20,000-square-foot shopping center that delivered in the early 1950s. The Phoenix-based buyer paid seller Encanto Village LLC $2.3 million for the property at 2801 N. 15th Ave. in Phoenix.

Orion Investment Real Estate’s Andrew Harrison, Ari Spiro and Sean Stutzman represented the buyer, which is planning to redevelop the property. MPB Realty negotiated on behalf of the seller. “The Original Hamburger Works has been an anchor to the property since 1967, but the rest of the center has struggled with some larger vacancies. The new buyers have vast experience in developing and redeveloping properties like this,” Harrison said.

Spiro noted that the buyer liked the property because of its proximity to Encanto, Willo and Encanto Park, historic neighborhoods. “The buyer performed quickly, closing the transaction in 14 days,” he added. “The plan is to extensively renovate the plaza, and stabilize the rent roll.”

For comments, questions or concerns, please contact Amy Sorter