August 20, 2019 – Cushman & Wakefield completed the sale of Santan Gateway North, a Walmart shadow-anchored shopping center, located at 1005 S. Arizona Avenue in Chandler, Ariz. Santan Gem, LLC purchased the property from GCCFC 2006-GG7 South Arizona Avenue, LLC (an entity formed by LNR) for $16.9 million.
Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.
Santan Gateway North is located at the southeast corner of Pecos Road and Arizona Avenue in Chandler. The 123,236-square-foot multi-tenant shopping center is situated on approximately 17.12 acres of land and is currently 77.2% leased to a diverse tenant roster led by Goodwill, Dollar Tree and LA Fitness.
“Santan Gateway North is an exceptional value-add opportunity with direct freeway access, a Walmart shadow anchor and tremendous Chandler growth and demographics,” said Executive Managing Director Michael Hackett.