COR Commercial has negotiated the sale of San Tan Gateway South in Chandler for $9.7M ($170.06/SF). The 57,038 square foot retail shopping center is located at 1305 S. Arizona Ave.
Jake Danovic of COR Commercial represented the seller, Eleven Investments, LLC. The buyer, Insight SanTan, LLC, is an investment firm headquartered in Henderson, NV.
San Tan Gateway South was 96% leased at the time of sale. Eleven Investments acquired the property in March, 2012 with 31% vacancy. Leasing of the center was done by Danovic, which included a 13,140 SF lease to Giant Furniture. Other notable tenants include Starbucks, Subway, Mattress Firm, and Bright Now Dental.
Danovic is assisting Eleven Investments in a search for other retail opportunities in Metro Phoenix.