GILBERT, AZ-A 1031 exchange investor from La Canada Flintridge, CA, placing the first offer on the table, has grabbed title to the 24,128-sf Western Skies Village for $320 per sf and a 6.8% cap rate. To shore up the deal, the buyer came within $150,000 of the $7.85-million ask for the 94%-leased piece of retail in southwest Gilbert.

“With the assumption of the loan, it was a strong offer,” says David Guido, senior associate in Phoenix for Marcus & Millichap Real Estate Investment Services. He tells that the buyer, Georges Ghaby, assumed a $5-million loan with seven years to go and a fixed-rate interest of 5.4%. Well Fargo Bank holds the note for Western Skies Village at 1534 E. Ray Rd.

David Goldberg of Phoenix had been looking for a buyer nearly six months when he gave the listing to Guido and his partner, associate Joseph Compagno. As the loan assumption process advanced, the capital markets and credit crunch came into play. “The assumption of the loan allowed the investor to know what he was getting into with the loan,” Guido points out.

Guido says the buyer pocketed triple net leases, all with long terms. The roster includes Curves, Barros Pizza, Jan’s Asian Cuisine and a dentist.

Western Skies Village was built in 1998 on a 2.94-acre tract. Guido says it’s only one of two shopping centers at the intersection and it’s surrounded by residential development in a city ranked as one of the fastest-growing in the Southwest. The Marcus & Millichap team of senior investment adviser Brian Smuckler and associate Jeff Seaman represented Ghaby.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.