GILBERT, AZ-Gateway Triangle Development LLC has bought the 114,877-square-foot Lakeview Village from special servicer LNR Partners LLC, based in Miami Beach. The Los Angeles buyer paid $12.1 million for the center, which is anchored by a Fry's Grocery store.

The shopping center, at the southeast corner of Val Vista Drive and Baseline Road, was approximately 76% occupied at the time of sale, providing good upside for the buyer. “Gateway Triangle Development saw great value in the opportunity to purchase a Fry's grocery anchored asset at one of the premier retail intersections in the Southeast Valley for less than replacement cost,” says Cassidy Turley executive vice president Michael Hackett. Hackett, with Cassidy Turley executive vice presidents Ryan Schubert, Eric Wichterman and Mike Coover represented the seller in the transaction.

The five building property was built in two phases: The 22,102-square-foot office building in 1988 and the 92,775-square-foot retail center in 1990. National tenants include Cold Stone Creamery, H&R Block, Tuesday Morning and Subway.