Lakeview Village.

Cassidy Turley announced today it sold Lakeview Village, a ±114,877-square-foot mixed-use retail center with a two-story office building located on the southeast corner of Val Vista Drive and Baseline Road in Gilbert, for $12,150,000.

The buyer was Los Angeles-based Gateway Triangle Development, LLC (Alan Kia). Cassidy Turley’s Executive Vice Presidents Michael Hackett, Ryan Schubert, Eric Wichterman and Mike Coover represented the seller, Special Servicer LNR Partners, LLC (John Mitchell, Vice President, REO Asset Management) of Miami Beach, FL.

“Gateway Triangle Development (Buyer) saw great value in the opportunity to purchase a Fry’s grocery anchored asset at one of the premier retail intersections in the Southeast Valley for less than replacement cost,” according to Hackett.

The five building, Fry’s anchored (not included in sale) property was built in two phases, the ±22,102-square-foot office building in 1988 and the ±92,775-square-foot retail center in 1990. The property was 76 percent occupied at the time of sale. National tenants include Cold Stone Creamery, H&R Block, Tuesday Morning and Subway.