In its second Valley purchase to date, Nevada developers Remington Nevada (David Delzotto, owner-developer) and Intercapital Development have once again teamed up with locally-based Capital Asset Management to purchase a prime 32.9-acre site located on the southwest corner of Williams Field Road and SanTan Parkway in Gilbert.
The site, cash purchased for $13,613,437, will be home to a new retail development, called SanTan Pavilions.
The project is currently in the planning stages for an approximately 275,000-square-foot power center, which will consist of a mix of national retail anchors and restaurants, boutiques, and unique eateries. The first phase is expected to break ground in Q1 2017 and is being designed by Suite 6 Architecture.
The retail trade area offers excellent visibility, accessibility to the San Tan Freeway, strong population growth and high household incomes. SanTan Pavilions will be a distinctive addition to the area, and deliver a product that fits both the needs of the residents and tenants.
Rachelle Smith-Strole, owner of Capital Asset Management stated, “This Gilbert development will be the crown jewel of our new partnership with Remington Nevada and Intercapital Development. The pre-leasing activity has far outpaced our expectations and we are confident our friends in Gilbert will be thrilled with this new addition.”
For leasing inquiries or other development opportunities, contact Capital Asset Management’s Jason Hersker at 602-370-9605 or Stephen Herman at 602-753-3729.
