CBRE Completes $4.25 Million Sale of Highland Plaza in Gilbert

Highland Plaza.
Highland Plaza.

CBRE has negotiated the $4.25 million sale of Highland Plaza, a 17,867-square-foot retail center located at 1458 and 1496 N. Higley Road in Gilbert, just south of the US 60 freeway.

Steve Julius and Jesse Goldsmith of CBRE’s Phoenix office represented both parties in the transaction. The seller was Mariah Properties VIII and Mariah Properties IX, LLC of Gilbert. The buyer was Virji Investment Corporation of Calgary, Alberta, Canada.

“Highland Plaza is a high-quality, stable investment for the buyer due to its national tenant mix and strong grocery anchor draw,” notes Julius.

Built in 2002, the Highlands Plaza buildings are shadow-anchored by a Safeway and also share the shopping center with a McDonald’s fast-food restaurant, BBVA Compass bank and Kneaders Bakery. The center was 94 percent leased at the time of sale.

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