Bert Kempfert, senior vice president with CB Richard Ellis'Phoenix office, is brokering the off-market transaction betweenSamuel & Co. Inc. in Phoenix and Gables, which is making itsfirst move into the metro. He says the 34-year-old complex and anaccompanying Circle K convenience store at 4333 E. Indian SchoolRd. are obsolete assets situated in what is otherwise a very niceand charming neighborhood.
"Its time has come to be redeveloped with something better,"Kempfert says. "The developer buying this is a thoughtful one andhas experience with projects like this."
Kempfert tells GlobeSt.com that Gables Residential plans tobuild a four-story complex, which will include about 30,000 sf ofretail space. The new development will replace a complex with smallunits and master-metered utilities.
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