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Gilbert Crossing Center Draws $170 per SF

GILBERT, AZ-A Colorado Springs, CO syndicate of 1031 buyers makes the close, spending $10.6 million for the 62,579-sf suburban center. The 95%-leased center delivered in 2000 by its merchant-build seller.

By Jennifer Brenner Andrade | Updated on August 13, 2002

GILBERT, AZ-Gilbert Crossing, a 62,579-sf shopping center, has commanded $170 per sf or $10.6 million from a Colorado Springs, CO-based limited liability company.

Jan Fincham and Patrick Dempsey, both of the Phoenix-based Lee & Associates Arizona, negotiated the transaction for the buyer, Diamante-Gilbert Crossing LLC, and seller, Gilbert Sunset LLC. Dempsey, pleased with the price per sf, tells GlobeSt.com that the buyer is a syndicate of 1031 exchange investors.

The suburban center was developed in 2001 at the intersection of Gilbert and Guadalupe roads by its merchant-build seller. Dempsey said the project was on the market for a little more than a year before selling, but part of that time was actually during construction.

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