GILBERT, Ariz.--(BUSINESS WIRE)--SURMOUNT, the industry-leading full-service net lease real estate advisory and investment platform, today announced that it arranged the sale of The Shops at Civic Center, a 25,690-square-foot, three-building neighborhood retail center located at 263 E. Warner Road in Gilbert, Arizona. The asset traded for $10.8 million, or $420.40 per square foot. The pricing ranks among the highest achieved for 2005-vintage multi-tenant retail in the East Valley, reinforcing sustained institutional demand for well-located, necessity-based neighborhood centers in core suburban markets.
SURMOUNT's Ross Sanzari, Vice President of Investments, served as the listing agent and represented the seller, a private investor, in the transaction. The marketing process generated multiple competitive offers within the first three weeks, including interest from REITs and institutional investors, ultimately delivering a highly competitive outcome. The buyer, Bond Street REIT of Charleston, South Carolina, acquired the property as its inaugural Arizona investment, marking a strategic entry into the market and reinforcing the East Valley's emergence as a target allocation for national real estate capital.
The project is situated within the 180-acre master-planned Gilbert Town Center, directly adjacent to the municipal campus and a flagship Life Time athletic resort. Constructed in 2005 and 95% occupied at closing, the property features a necessity-based tenant mix of healthcare, fitness and food and beverage operators.
“This transaction sets a clear benchmark for East Valley multi-tenant retail,” said Sanzari. “Capital is aggressively targeting unanchored, service-oriented neighborhood centers in high-performing suburban markets. The level of competition seen early in the process reflects how sought after this product type has become, and we are proud to have delivered a standout result for our client.”
The transaction reflects continued momentum in the East Valley retail investment market, where strong household income growth, population inflows, and limited new retail supply continue to drive investor interest and compress cap rates for high-quality neighborhood retail assets.
