GILBERT, Arizona – Located in the highly desirable town of Gilbert, on the southeast corner of Cooper and Ray Roads, Cooper Square sold for $2,827,500 ($183 PSF). Comprised of two multi-tenant shop buildings totaling 15,462 square feet, the shop buildings are anchored by Leading Edge Academy, a K-12 Charter School, and Life Community Church. Outparcels on the property are occupied by a Shell Fuel Station, Vantage West Credit Union and Greulich’s Auto Repair, adding a nice mix of service users that drive traffic to the center.
ORION Investment Real Estate’s Michael Achtman and Jennifer Eggert were the leasing broker at time of sale, and teamed with ORION retail specialist, Derek Buescher, to exclusively market this asset for the Nevada-based Seller, Cooper Square Center LLC. Assisting ORION on the transaction was Velocity Retail Group. The California-based Buyer, United Group, LLC, was represented Peak Commercial.
The property is located just three miles north of the Loop 202 Freeway with a full-diamond interchange at Cooper Road. The shops were constructed in 1999 and have been diligently maintained, making Cooper Square an attractive sale.
Buescher noted, "Gilbert is one of the strongest retail submarkets in the Phoenix Metropolitan area attracting Cooper Square’s great core of tenants, with 40% of the tenants being in the center for over 10 years. The property was 90% occupied at close of escrow."