GILBERT, Arizona – Located along the Loop 202 retail corridor in Gilbert, within proximity to multiple new developments of retail, office, automotive, education, and residential, Gilbert Fiesta Shops sold for $3.5 million at a 7% cap rate. The 21,900-square foot shopping center was built in 2005 in the booming southeast valley of Phoenix. Gilbert Fiesta Shops is leased by both local and national tenants, including Leslie’s Swimming Pool Supplies, State Farm, and Battery Giant. The property was 100% occupied at close of escrow.
Nick Miner, CCIM, and Andrew Harrison of ORION Investment Real Estate represented the Seller in the transaction. Miner said, "The Seller purchased this property as a distressed center with high vacancy in 2015. The Seller was able to release the property and capitalize on the value created by the Seller’s repositioning plan. The Buyer utilized a reverse 1031 exchange to purchase the property. The Buyer liked the stable cash flow that the property will be offered, as well as the location in the fast-growing City of Gilbert, Arizona."
The Seller was locally-based Gilbert Fiesta II Lots 2 & 3 LLC. The Buyer, Grove Arizona, LLC, was represented by Sean Bishop, CCIM of Lee & Associates.
Miner and Harrison are representing the Seller of the PAD building, currently in escrow with an owner/user. For more information, contact Miner and Harrison at 480.689.4124.