Coast Meridian Properties has acquired SanTan Gateway North, a 123,244-square-foot retail middle in Chandler, Ariz., for $26.6 million, or $215 per sq. foot.
Kidder Mathews brokered the transaction on behalf of the vendor, Jewell Capital. In keeping with CommercialEdge knowledge, the property final traded in 2019, for $16.9 million.
Situated at 1035 S. Arizona Ave. on the southeast nook of Arizona Avenue and Loop 202 Freeway, on 17.1 acres, SanTan Gateway North provides handy entry to downtown Chandler’s enterprise district. Adjoining to the middle, there’s a 44-acre mixed-use growth, which is predicted to generate extra financial exercise for the realm.
The Walmart Supercenter-anchored property has a wide range of tenants, together with O’Reilly Auto, Greenback Tree, Sky Zone and Shane Co. Moreover, the property contains three parcels ground-leased to Wendy’s, Del Taco and JPM Chase.
Multinational fast-food manufacturers and monetary establishments that supply dependable and secure tenants, draw a major quantity of curiosity from potential patrons, stated Kidder Mathews’ Senior Vice President Darren Tappen, in ready remarks.
Phoenix’s retail market is robust, pushed by a wholesome labor market, increasing shopper base and optimistic demographics, in accordance with a report from Matthews Actual Property Funding Companies. Moreover, year-over-year as of the second quarter of 2023, web absorption of retail area throughout the metro reached its highest degree for the reason that Nice Recession, indicating a wholesome demand for retail properties, the identical supply signifies.
Tappen, along with Senior Vice Presidents Nathan Thinnes and Peter Beauchamp of Kidder Mathews had been a part of the workforce that represented the vendor within the transaction.