Cassidy Turley sold Lakeview Village, a ±114,877 SF mixed-use, retail center with a 2-story office building on the SEC of Val Vista Dr. and Baseline Rd. in Gilbert for $12.15M.
The buyer was Los Angeles-based Gateway Triangle Development (Alan Kia). Cassidy Turley’s Executive Vice Presidents Michael Hackett, Ryan Schubert, Eric Wichterman and Mike Coover represented the seller, Special Servicer LNR Partners, (John Mitchell, Vice President, REO Asset Management) of Miami Beach.
“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,” Hackett said.
The 5-building, Fry’s anchored (not included in sale) property was built in two phases, the ±22,102 SF office building in 1988 and the ±92,775 SF retail center in 1990. The property was 76% occupied at the time of sale. National tenants include Cold Stone Creamery, H&R Block, Tuesday Morning and Subway.