The Shops at Civic Center specialty retail center has been sold to an Arizona-based private investor. Located at 263 E. Warner Rd., adjacent to the intersection of Warner and Gilbert roads, the fully leased property is situated in the heart of Gilbert, a very popular Phoenix suburb.
The sale price was $10,400,000.
“This upscale, modern retail center is a focal point in the Gilbert community,” says Mindy Korth, executive vice president with Colliers in Arizona. “The center’s outstanding site plan and impressive collection of tenants make this a very solid investment property.”
Korth and John Jackson of Colliers in Arizona worked in collaboration with El Warner and Cailtlin Zirpolo of Colliers National Retail Services Team in Irvine, CA to market the property for sale. They represented the seller, another Arizona-based private investor, who held this investment since it was developed in 2005. The buyer was represented by Ross Sanzari, Greg Guglielmino, Steve Gonzalez and Marcus Muirhead of Lee & Associates in Arizona.
The Shops at Civic Center property consists of three thoughtfully-designed, single-story buildings totaling 25,690 square feet. Built in 2005, the project is fully occupied by 13 tenants, including Zipps Sports Grill, Over Easy Restaurant, Edward Jones, One Stop Nutrition and a variety of other restaurants, retailers, wellness and personal services.
Adjacent to a popular Lifetime Fitness Center, the lively area surrounding the shops makes up the Gilbert Town Center mixed-use neighborhood – home to Gilbert’s Town Hall and other municipal services, as well as various residential neighborhoods, medical facilities and other retail offerings in a campus environment.