Phoenix, AZ (April 11, 2024) — Newmark announces it has completed the sale of Shops A and Pad C at Gilbert Crossroads in a newly constructed retail center, spanning 9,062 square feet and 5,498 square feet, respectively.
Newmark Senior Managing Directors Steve Julius and Jesse Goldsmith and Director Chase Dorsett represented the seller, Las Vegas-based developer Remington Nevada, and sourced the buyer in the transaction. This marks the third new construction, multi-tenant transaction for 2024 in the Phoenix MSA[1].
“Shops A and Pad C at Gilbert Crossroads offered investors an opportunity to acquire two Class A, new construction retail strip centers located in one of the most sought-after neighborhoods of Metro Phoenix,” said Dorsett. “The tenant mix compliments the surrounding neighborhood and demographics, with several convenience-oriented national and regional retailers in high-growth mode.”
Located at the intersection of Gilbert Road and Warner Road, the property is situated in a densely populated submarket with robust household development. With over 58,000 vehicles daily at the intersection, major retailers such as Lowe’s, Planet Fitness, Lifetime Fitness, Pacific Dental, Jersey Mike’s, and more have planted their flags at the retail center.
The project is nearing full build-out, with just one PAD, a freestanding, separately zoned parcel, available for lease. The property is just one mile south of Downtown Gilbert’s Heritage District and only 3.5 miles from two major freeways, Loop 202 and U.S. 60.
[1] According to Newmark Research