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Coast Meridian Properties has acquired SanTan Gateway North, a 123,244-square-foot retail heart 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 information, 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 affords handy entry to downtown Chandler’s enterprise district. Adjoining to the middle, there’s a 44-acre mixed-use growth, which is anticipated to generate extra financial exercise for the world.
The Walmart Supercenter-anchored property has quite a lot of tenants, together with O’Reilly Auto, Greenback Tree, Sky Zone and Shane Co. Moreover, the property consists of three parcels ground-leased to Wendy’s, Del Taco and JPM Chase.
Multinational fast-food manufacturers and monetary establishments that provide dependable and steady tenants, draw a major quantity of curiosity from potential consumers, stated Kidder Mathews’ Senior Vice President Darren Tappen, in ready remarks.
Phoenix’s retail market is powerful, pushed by a wholesome labor market, increasing shopper base and constructive demographics, in keeping with a report from Matthews Actual Property Funding Providers. Moreover, year-over-year as of the second quarter of 2023, web absorption of retail house throughout the metro reached its highest stage because the 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 group that represented the vendor within the transaction.
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