Deal made for Gilbert Town Square

Retail space snagged by out-of-state entity

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Sperry Van Ness arranged the sale of Gilbert Town Square, a 156,486-square-foot retail center in Gilbert, Ariz. The value of the transaction was $34.7 million. Mesa, Ariz.-based Gilbert Town Square LLC sold the asset to Las Vegas-based Transwestern Investment Corp. LLC. The property, built in 2003, is located at 1030 to 1150 South Gilbert Road on 66 acres. At the time of sale, the property was 87 percent occupied by 39 tenants including: Pei Wei, Sports Clips, Sleep Savvy, Chipolte, Farmer's Insurance, Tropical Smoothie and Arizona Republic. Irvine, Calif.-based Sperry Van Ness is one of the largest commercial real estate investment brokerage firms in the United States with more than 800 advisors in 36 states. ...