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GILBERT, AZ-Canadian-based Triple Five Development Corp. has collected $34.7 million in an off-market transaction for the 156,486-sf Gilbert Town Center. The three-year-old development sold at a 7.25% cap rate.

The tenants-in-common buyer of the 1030-150 S. Gilbert Rd. center is a first-time area investor, Transwestern Investment Realty of Las Vegas. “We made contact with the former owners and they indicated they’d look at offers on the property,” Ari Spiro, senior adviser with Sperry Van Ness’ Phoenix office, tells GlobeSt.com. The brokerage firm’s team includes Matt Colo, Jeff Chalfin and Mike Day. The buyer was self-represented.

Spiro calls 56-acre Gilbert Town Square a “work in progress,” indicating that a Wal-Mart Supercenter is poised to break ground in the next year. Shadow anchors Brunswick Zone and Hollywood Theaters already are up and running. “There were some tenants that weren’t included in the deal, mostly pads,” Spiro says about the 87%-leased asset. Tenants that did go with the 16-acre deal are Pei Wei, Sports Clips, Sleep Savvy, Chipolte, Farmer’s Insurance, Tropical Smoothie and Arizona Republic.

The new owner won’t have much to fix up, given the center’s age. The plan is to focus on bringing more tenants to the location, Spiro says. “They’re also looking for more assets in the Phoenix marketplace, probably stabilized assets over $10 million,” he adds.

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