Cassidy Turley Represents Buyer in Purchase of Village at Surprise
Cassidy Turley represented Kierland Village Center, LLC, an affiliate of A&C Properties (Joe Cattaneo, principal,) in the purchase of the Village at Surprise, a ±115,613 SF neighborhood shopping center on the NWC of Litchfield and Bell roads in Surprise.
Ryan Schubert and Michael Hackett with Cassidy Turley’s Arizona office represented the buyers in the $6M ($220.55 PSF) purchase of ±27,205 SF, the portion of the center that excludes the Kohl’s anchor space (±88,408 SF). The sellers, PWDAF Bell and Litchfield, LLC, were represented by CBRE.
Built in 2004, Village at Surprise is located on ±3.3-acres. In addition to the anchor Kohl’s store (not included in the sale) the Village at Surprise tenants include national retailers Sears Home Appliance, Edible Arrangements, H&R Block, Payless Shoesource, Sports Clips, UPS Store and New York Pizza Department. The retail center was 95% occupied at the time of sale.
In another transaction, Cassidy Turley completed the sale of ±39 net acres on the NWC of Higley Rd. and Loop 202/Santan Freeway, a full diamond interchange and the primary entrance for the master planned community of Morrison Ranch.
Higley & 202, LLC (Gabel Investments, Inc.) purchased the land for $6.38M from Moat Limited Partnership. The transaction, from listing to closing, was completed in 45 days. Brent Moser, Mike Sutton and Brooks Griffith with Cassidy Turley’s Land Group represented the buyer. Kent Hanson, with Cassidy Turley’s Industrial Group, consulted on the transaction.
The property has RU-43 county zoning and the Town of Gilbert’s General Plan shows Business Park. Surrounding amenities include Santan Village Mall, Agritopia and the Phoenix-Mesa Gateway Airport. Gabel Investments plans to hold the property for investment purposes.