PHOENIX – Cassidy Turley, a leading commercial real estate provider in the U.S., announced today they successfully sold Lakeview Village, a ±114,877-square-foot mixed-use retail center with a two-story office building located on the southeast corner of Val Vista Drive and Baseline Road in Gilbert, AZ for $12,150,000. The buyer was Los Angeles-based Gateway Triangle Development, LLC (Alan Kia). Cassidy Turley’s Executive Vice Presidents Michael Hackett, Ryan Schubert, Eric Wichterman and Mike Coover represented the seller, Special Servicer LNR Partners, LLC (John Mitchell, Vice President, REO Asset Management) of Miami Beach, FL.
“Gateway Triangle Development (Buyer) saw great value in the opportunity to purchase a Fry’s grocery anchored asset at one of the premier retail intersections in the Southeast Valley for less than replacement cost,” according to Hackett.
The five building, Fry’s anchored (not included in sale) property was built in two phases, the ±22,102-square-foot office building in 1988 and the ±92,775-square-foot retail center in 1990. The property was 76 percent occupied at the time of sale. National tenants include Cold Stone Creamery, H&R Block, Tuesday Morning and Subway.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. Based in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.