SanTan Gateway North is a multi-tenant retail heart anchored by Walmart Supercenter. Picture courtesy of Kidder Mathews
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 response to 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 presents 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 further financial exercise for the world.
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 steady tenants, draw a big quantity of curiosity from potential consumers, mentioned Kidder Mathews’ Senior Vice President Darren Tappen, in ready remarks.
Phoenix’s retail market is robust, pushed by a wholesome labor market, increasing client base and constructive demographics, in keeping with a report from Matthews Actual Property Funding Companies. Moreover, year-over-year as of the second quarter of 2023, internet absorption of retail house throughout the metro reached its highest degree 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 have been a part of the group that represented the vendor within the transaction.
