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Gilbert Shops at Civic Center sold to Arizona investor

Gilbert Shops Hero

Fully leased retail property is located in heart of popular Phoenix suburb

PHOENIX – The Shops at Civic Center specialty retail center located at 263 E. Warner Road, adjacent to the intersection of Warner and Gilbert roads was sold to an Arizona-based private investor. Built in 2005, the property is situated in the heart of Gilbert, a very popular Phoenix suburb, and is fully occupied by 13 tenants, including Zipps Sports Grill, Over Easy Restaurant, Edward Jones, One Stop Nutrition and a variety of other restaurants, retailers, wellness and personal services. 

“This upscale, modern retail center is a focal point in the Gilbert community,” says Mindy Korth, executive vice president with Colliers in Arizona. “The center’s outstanding site plan and impressive collection of tenants make this a very solid investment property.”

Korth and JK Jackson of Colliers in Arizona worked in collaboration with El Warner and Cailtlin Zirpolo of Colliers National Retail Services Team in Irvine, California to market the property for sale. They represented the seller, another Arizona-based private investor, who held this investment since it was developed in 2005. The buyer was represented by Ross Sanzari, Greg Guglielmino, Steve Gonzalez and Marcus Muirhead of Lee & Associates in Arizona.

The Shops at Civic Center property consists of three thoughtfully-designed, single-story buildings totaling 25,690 square feet. 

Adjacent to a popular Lifetime Fitness Center, the lively area surrounding the shops makes up the Gilbert Town Center mixed-use neighborhood – home to Gilbert’s Town Hall and other municipal services, as well as various residential neighborhoods, medical facilities and other retail offerings in a campus environment.

About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues to $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

Colliers in Arizona has served clients locally and globally for more than 40 years.

 

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Mindy Korth

Executive Vice President

Phoenix

As an executive vice president of investment services with Colliers, Mindy Korth is accomplished in all sectors of the investment real estate community, including office, medical office, retail, datacenters, high-finish industrial, commercial land, and unique projects across metropolitan Phoenix and nationally.

Mindy leads an investment sales team that includes Jenny Bassett, real estate analyst; Kelsey Robinson, client services coordinator; and Alyssa Smith, client services coordinator.

Mindy is focused on identifying investment opportunities, executing client strategy, establishing relationships between parties, and coordinating property financial analysis and due diligence. Her wealth of industry, market, property, and financial intelligence provides clients with the information they need to make informed decisions and complete successful investment transactions. She has completed transactions totaling more than 26 million square feet, and more than $4.6 billion in value.

Throughout her career, Mindy has been involved in each aspect of real estate, including new and rehab development, financial structuring deals in capital markets, leasing, management, site selection, network planning, acquisitions and dispositions programming, financial analysis, and underwriting.

 

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John Jackson

Vice President

Phoenix

As associate vice president for retail services with Colliers, John (JK) Jackson specializes in the sale and leasing of retail properties, representing landlords, tenants and investors. He has completed transactions on behalf of tenants and landlords for retail shopping centers, neighborhood centers and standalone properties.

JK has the proven ability to achieve results for clients through comprehensive market strategies, long-range planning, identifying opportunities to increase cash flow and developing solutions for excess vacancy. A consummate professional, he thoroughly analyzes the financial details of each transaction to ensure his clients' economic and business objectives are met. He carefully crafts leases to support growth, minimize risk and protect investments.

As an experienced leasing broker, JK brings a dynamic and innovative prospecting style to the table. He targets quality tenants that represent the least risk and complement the tenant mix of each property. He works diligently to match tenant requirements and available space to support location decisions. Through market research, demographics and traffic analysis, JK helps tenants make strategic decisions to support their long-term plans.

His experience spans 13 years as a commercial real estate agent in Greater Phoenix, focusing on retail properties. Prior to joining Colliers, he was an associate vice president with Velocity Retail Group in Phoenix, where he represented landlords and tenants in the leasing of retail properties and worked closely with development services to identify and sign tenants to new projects. Previously, JK was a senior associate with Rein & Grossoehme Commercial Real Estate, specializing in landlord and tenant representation.

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El Warner

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Los Angeles - Orange County

As Executive Vice President of Capital Markets, Retail for Colliers International, El specializes in the disposition of large institutional assets across the country. Successfully closing more than $2 billion in transactions, he utilizes his background as a Certified General Real Estate Appraiser and deep-seated knowledge of the industry to maximize value for his clients. He believes brokers must truly understand an asset and be passionate about creating the best marketing plan to create value and separate his team from others.

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Caitlin Zirpolo

Vice President

Los Angeles - Orange County

As an Associate Vice President, partner of the national leadership team, and leader of the strategic partners' group, I specialize in the disposition of quality retail assets across the US. I have broken several national cap rate records since 2017 including the record for the lowest cap rate of a non-grocery anchored shopping center in San Diego county. Prior to joining the Colliers team I quickly moved through the ranks in my three years at Matthews Real Estate to Senior Associate by utilizing my comprehensive knowledge, my ability to fully understand real estate, and my true passion for helping people. I have a unique ability to bring together a buyer and seller in difficult transaction situations with sophisticated buyers and sellers. This ability helps me deliver strong results and record-breaking pricing, despite a softening market, to both regional and institutional sellers.

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