GSN NEWS STAFF
A strip mall in Gilbert has sold for $2.83 million.
Cooper Square, on the southeast corner of Cooper and Ray roads, recently was cold by Nevada-based Cooper Square Center LLC to United Group LLC, a San Diego real estate investment and development company.
Orion Investments, which represented the seller, said in a news release that the shopping center is “located in the highly desirable town of Gilbert.”
The property includes two multi-tenant shop buildings totaling 15,462 square feet, anchored by Leading Edge Academy and Life Community Church.
“Outparcels on the property are occupied by a Shell Fuel Station, Vantage West Credit Union and Greulich’s Auto Repair, adding a nice mix of service users that drive traffic to the center,” Orion said.
It said the 10-year-old strip mall stores “have been diligently maintained, making Cooper Square an attractive sale.”
Orion retail specialist Derek Buescher called Gilbert “one of the strongest retail submarkets in the Phoenix Metropolitan area” and cited Cooper Square’s “great core of tenants, with 40 percent of the tenants being in the center for over 10 years.”
The property was 90 percent occupied at close of escrow.”