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9/20/21
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A 24.1k sf, Class A, multi-tenant retail shop building in Gilbert, AZ sold for $6.1 mil ($253/sf). The building, known as Western Skies, is located at 1534 E Ray Rd and is 100% leased to nine tenants across a variety of uses and services.
Built in 2002 and situated on 2.95 acres, the property is located at the intersection of Ray Rd and Val Vista Dr. It is also less than one mile of the Loop 202 Fwy.
The buyer was an individual investor, Metallinos, of the North San Francisco Bay Area. The seller, Jumping Cholla I LLC, was represented by in the transaction by Chris Hollenbeck and Shane Carter with Cushman & Wakefield in Phoenix.
“This was a strong investment opportunity of a trophy-grade, Class A retail property with a strong roster of e-commerce resistant tenants,” said Hollenbeck. “Adjacent to the Western Skies Golf Club, the property is very well located in a high growth submarket with attractive nearby demographics.”
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