The Islands Village Shopping Center, located at 1422-1560 W. Warner Rd in Gilbert, Arizona just sold for $7.5M or $72.75 per square foot. The 103,082 square foot retail anchored center is a multi-tenant property located at the heavily travelled intersection of Warner & McQueen. Gilbert is the fastest growing community in Arizona. Voted 2nd Safest City and 8th Most Thriving City in the U.S., Gilbert boasts an impressive economic climate. With 38.3% of residents holding a bachelor’s degree or higher and a median income of $76,574, Gilbert is home to rising technology companies growing and relocating within its borders.
The seller was represented by Barbara Lloyd and Lane Neville with NAI Horizon’s Investment Services Group. This was an REO sale; the loan on the property was a commercial mortgage backed security (CMBS) loan. The property had experienced distress due to the real estate recession and was foreclosed upon by the lender. The property was purchased by BH Properties which marks the third commercial transaction in the Valley with NAI Horizon in the past two years.
Islands Village Shopping Center was broadly marketed nationwide and the sale was held in a competitive bid format and generated multiple qualified offers. The competitive sale strategy has proven successful over the past two years for NAI Horizon’s Investment Services Group and has become a trademark approach for the team. Since 2012, the NAI sales team has sold over $110M in CMBS and REO bank properties represented in over 20 transactions.