CBRE has completed the sale of The Shoppes at Copper Point, a multi-tenant retail building located on the hard northwest corner of Val Vista Drive and Willis Road in Gilbert, Ariz. The 15,086-square-foot retail property was fully leased to a complementary mix of national and local tenants and commanded several offers and a sale price of $6.35 million, or approximately $421 per square foot.
Andrew K. Fosberg, Joseph R. Compagno and Dylan A. Brown with CBRE’s Phoenix office represented the seller, WCCP Copper Point, LLC, an entity formed by West Coast Capital Partners (Bill Metzler & Scott Douglas, principals) of Scottsdale, Ariz. and Los Angeles.
Built in 2007, The Shoppes at Copper Point was 100 percent leased to: SimonMed Imaging, Fidelity National Title Agency, Port of Subs, Accurate Family Vision, Sarouja Pharmacy and AZ Chiropractic. The Property and its tenants benefit from excellent visibility and signage along Val Vista Drive as well as from its location across the street from Mercy Gilbert Medical Center (±198 beds and ±1,100 employees) and the Loop 202.
“The Shoppes at Copper Point is an excellent example of a quality, in-fill project in one of the best trade areas in the state,” said Fosberg. “The seller did an excellent job of finding a complementary mix of retail and medical tenants, drawing off the freeway and adjacent hospital exposure.”
Steven Ives, of KW Commercial, represented the buyer, Ives Property Investment, LLC.