San Tan Gateway acquired in 1031 exchange

Lee & Associates recently announced it negotiated the sale of a 180,279-square-foot retail center in Chandler, Ariz.

The value of the transaction was $60 million.

The property, San Tan Gateway, is located on the northeast and southeast corners of Arizona Avenue and the San Tan Freeway. Built in 2005, it is part of a 60-acre, 540,000-square-foot development, which is anchored by Sam's Club (150,000 square feet) and Wal-Mart Supercenter (225,000 square feet). Other tenants include: 24-Hour Fitness, Terri's Consignment, Party America, Anna's Linens, Wherehouse Music, Starbucks, Quizno's and Cold Stone Creamery.

CTW San Tan North LLC and CTW San Tan South LLC sold the property to a 1031 exchange client.

Lee & Associates provides commercial real estate services through offices located in California, Arizona, Nevada, Missouri, Illinois, Michigan, New Jersey, Texas and Wisconsin.

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