Scottsdale, Arizona -- Kent Circle Partners (Scott Seldin, President) completed the sale of 13.2-acres (Higley & Ray Holdings, LLC) of commercially zoned land, located on the SWC of Higley and Ray Roads, in Gilbert, AZ. The site surrounds the Fast Market Convenience store pad and is directly south of the new Epicenter at Agritopia, in the highly regarded neighborhood centered around urban agriculture. The site will be used for development of Gilbert Pavilion. The parcel sold for $7,621,588.
The buyer was Breunig Development Company, of Gilbert.
Velocity Retail Group in partnership with Ross Brown Partners facilitated the purchase. Darren Pitts, with Velocity Retail Group of Phoenix, and Bob Crum with Ross Brown Partners in Scottsdale, represented the buyer. Brian Stillman, with Insight Land & Investments in Scottsdale, represented the seller.
In November 2016, Higley & Ray Holdings, LLC, a single asset entity of Kent Circle Partners, acquired the property from N21 One, LLC., of San Antonio, Texas, for investment.
According to Scott Seldin, "The property location was ideal in one of the fastest-growing cities in the nation.”
Gilbert Pavilion will include over 81,000-square-feet of retail buildings, with seven planned pads and shop buildings fronting both Ray Road and Higley Road. The pads will be home to a variety of much needed restaurants, and daily needs services such as personal care and automotive.
“We have worked with the team at Breunig Development Company for over two decades on a variety of retail projects throughout Arizona,” said Pitts. “We are excited to launch this unique retail project which will be an enhancement to the surrounding neighborhood for years to come.”
Contact Brad Ranly at 602-682-8120 or Darren Pitts 602-682-6050 for information on leasing and sales in Gilbert Pavilions.