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.
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