Phoenix, Arizona — CBRE completed the sale of a 19,200-square-foot multi-tenant freestanding retail center in Gilbert, Ariz. Scottsdale-based Palm West Home Community, LLC, acquired the Class A property for $7.25 million ($377.60 PSF).
CBRE’s Jesse Goldsmith, Steve Julius, and Chase Dorsett represented the seller, Mariah Properties IV, LLC, in the transaction.
“CBRE has exclusively represented Mariah Properties since 2013 and we have admired the way they have professionally managed all of their Arizona assets,” said CBRE’s Goldsmith. “The buyer, Palm West Home Community, LLC is acquiring a true Class A asset from an experienced, local developer.”
Built in 1999, Silverstone Plaza is located at 754 S. Val Vista Dr. on the northwest corner of Val Vista Drive and Warner Road. The property, which has not had a vacancy since 2007, is fully occupied by a mix of local and national tenants including Great Clips, Domino’s Pizza, Subway, Backfit Health & Spine and Delia’s Cleaners. A Fry’s Food & Drug store, McDonald’s and Taco Bell are all adjacent to the property.
The center sits in a fast-growth, high-income area of Gilbert with more than 317,000 residents in a five-mile radius. According to CBRE, the Mesa/Chandler/Gilbert recorded the strongest net absorption in the Valley in 2018 with 170,654-square-feet.