Lindsay Square, a fully occupied ±46,728-square-foot neighborhood shopping center investment located at the northeast corner of Lindsay Road and Williams Field Road in Gilbert, Arizona, has sold for $13 million to a Washington State-based family investment firm. The buyer was represented by Kidder Mathews brokers Jenette Bennett, CCIM, and Michelle Gardner.
Lindsay Square features a diverse mix of service-oriented tenants, making it a convenient one-stop destination for local residents. Occupants include a daycare, fitness center, veterinary clinic, specialty schools, dry cleaners, and both full-service and quick-serve restaurants. Most tenants are long-term occupants, with rents currently below market value. As new developments continue to drive traffic and demand in the area, rental rates are expected to rise, benefiting existing stabilized centers like Lindsay Square.
“This deal demonstrates that investors value stabilized, quality assets in strong locations, whether they are anchored with national tenants, or strong local small businesses,” said Bennett. “Investors want more than short-term value-add opportunities—they’re looking for long-term growth in the asset and overall marketplace.”
Gilbert is one of the fastest-growing cities in the Metro Phoenix area, and Lindsay Square is strategically located approximately one mile from Loop 202, surrounded by a dense retail corridor, including nearby SanTan Village, which alone has approximately 1.2 million square feet of retail space.
The buyer was seeking a stabilized property in a high-growth market with strong fundamentals and upside potential through future rent appreciation. Bennett will continue to be involved as the leasing broker for Lindsay Square.
“We facilitated the selection of a mortgage broker early in the process to secure a lender and rate prior to clearing contingencies,” said Gardner. “After that milestone, we continued to try and improve the lender’s terms and were able to secure an interest rate reduction of 35 basis points at closing—a great outcome for all parties involved.”
About Kidder Mathews
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 20 offices across Washington, Oregon, California, Idaho, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages $9 billion in transaction volume, manages more than 58 million square feet of space, and conducts 2,400 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
