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9/15/21
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Three retail assets at Gilbert Crossroads in Phoenix sold to three separate investors in deals with a combined total of $13.9 mil. Located at the busy intersection of Gilbert Road and Warner Road, Gilbert Crossroads is ideally situated in a densely populated, high growth submarket with excellent household formation and incomes.
The assets sold were Shops E, Shops B, and Planet Fitness, all newly constructed, Class A properties delivered in 2020. The seller and developer was Remington Nevada.
Shops E, located at 85 E Warner Rd, was acquired by a private, Scottsdale-based investor for approximately $2.6 mil, or $646 per square foot. The 4k sf, multi-tenant property is leased to BMO Harris Bank and Jeremiah’s Italian Ice, both for ten-year lease terms.
Located at SEC Gilbert Rd and Warner Rd, Planet Fitness was acquired by a Seattle-based 1031 exchange buyer for $6.1 mil. The property comprises 29.1k sf and is under an eleven-year lease to the largest franchisee in the Planet Fitness system.
Shops B, located at 835 S Gilbert Rd, was acquired by a private investor based out of California for approximately $5.3 mil. The multi-tenant property measures 10k sf and is fully leased to four tenants – Pacific Dental Services, Tap Dragon, El Taco Santo and Jersey Mike’s.
Steve Julius, Jesse Goldsmith and Chase Dorsett with Newmark were involved in brokering these transactions.
“Along with reopenings following pandemic shutdowns, there has been increased demand for newly constructed retail centers that provide stable, long-term cash flow”, said Dorsett. “Gilbert Crossroads is a top destination for name brand retailers due to surrounding residential growth and affluent demographics.”
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