Partnership pays $13.6MM cash for +/-33 acre planned power center site in Gilbert

In its second Valley purchase to date, Nevada developers Remington Nevada (David Delzotto, owner-developer) and Intercapital Development have once again teamed up with locally-based Capital Asset Management to purchase a prime 32.9-acre site located on the southwest corner of Williams Field Road and SanTan Parkway in Gilbert, Ariz.  The site, cash purchased for $13,613,437, will be home to a new retail development, called SanTan Pavilions.

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The project is currently in the planning stages for an approximately 275,000-square-foot power center, which will consist of a mix of national retail anchors and restaurants, boutiques, and unique eateries.  The first phase is expected to break ground in Q1 2017 and is being designed by Suite 6 Architecture.

 

The retail trade area offers excellent visibility, accessibility to the San Tan Freeway, strong population growth and high household incomes. SanTan Pavilions will be a distinctive addition to the area, and deliver a product that fits both the needs of the residents and tenants. Development and leasing is being handled by Jason Hersker and Stephen Herman, with Capital Asset Management.

 

Rachelle Smith-Strole, owner of Capital Asset Management stated, “This Gilbert development will be the crown jewel of our new partnership with Remington Nevada and Intercapital Development. The pre-leasing activity has far outpaced our expectations and we are confident our friends in Gilbert will be thrilled with this new addition.”

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