Tag Archives: Retail

Commercial Executive: NAI Horizon Sells Islands Village Shopping Center in Gilbert for $7.5M

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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.

To read more see the full report on Commercial Executive

Q3 2013 – NAI Horizon Retail Market Report

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The retail market continues to show signs of improvement on its long road to recovery. Vacancy continued to fall this quarter to the lowest it has been since the beginning of 2009, coming in at 10.6%. Just one year ago, the retail vacancy rate for the Phoenix Metro market sat at 12%, with the highest rate, 13%, in 2011. Demand for retail space continued to improve as well, 1.2 million SF of space was absorbed in the Valley. The East Valley submarket cluster made up more than 60% of that total with 818,444 SF absorbed. As the fourth quarter historically records as the strongest quarter for retail, 2013 has the potential to be the strongest year, in terms of net absorption, that the valley has seen since 2008. Already this year space absorbed has surpassed the 2012 value by almost 200,000 SF, with a strong fourth quarter still to come.

Q2 2013 – NAI Retail Market Report

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Vacancy rates continue to decline locally in the Phoenix Metro area and on a national level. The average vacancy rate for retail property in the US fell to its lowest level in more than three years to 10.5%. The local retail market followed suit; the overall vacancy rate in Metropolitan Phoenix fell to 10.9%, the lowest it has been since early 2009. Retail sales in the U.S. are also headed in the right direction, up 0.5% and 0.4% in May and June, and up 5.7% over the last 12 months. While some areas still continue to struggle, overall the improvements in retail spending continue to boost the
CRE sector. As housing and employment also continue to rebound in the Phoenix area, positive momentum should carry the market back to where it was before the recession hit.

(FOR MORE DOWNLOAD THE ENTIRE MARKET REPORT BELOW)

Retail graph

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