Cushman & Wakefield Sells Premier Power Center in Gilbert, Ariz.
PHOENIX, Arizona – Cushman & Wakefield completed the sale of SanTan Village Marketplace, a premier destination center located in Gilbert, Ariz. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller. An entity formed by CP Retail Inc. of Santa Monica, Calif. purchased the property for $51.4 million ($180 PSF).
“CP Retail is pleased with the acquisition of SanTan Village Marketplace and remains focused on acquiring similar Class A properties across the country,” said Phillip Duke, Principal at CP Retail Inc.
Constructed in 2006, SanTan Village Marketplace is a 285,581-square-foot regional power center spanning 25.67 acres. The property is currently 97.2% leased to a diverse tenant roster, and over 93% of the center is leased to national/credit tenants including Jo-Ann Fabrics, Bed Bath & Beyond, Marshalls, DSW, Office Max and Old Navy, to name a few.
“SanTan Village Marketplace is a Class A regional center servicing the growing and affluent Southeast Valley of Phoenix,” said Michael Hackett, Executive Managing Director at Cushman & Wakefield Phoenix.
Located in the Gilbert submarket, one of the fastest growing communities and one of the largest towns in the U.S., SanTan Village Marketplace benefits from a strong retail market with vacancy in the first quarter of 2018 posting at 9%. Additionally, the property benefits from proximity to top employers located in Gilbert via the nearby Loop 202 and sits just to the south of the SanTan Village Mall – a 1,057,000-square-foot mall featuring top retailers including Macy’s, Dillard’s, Harkins Theatres, Dick’s Sporting Goods, Coach, Apple and Barnes & Noble.