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Shopping Neighborhood

Shoppes at Mirador Square

860 E Warner Rd, Gilbert, AZ 85296

Listing Price: $10,820,000

Cap Rate
6.27%
Rentable SF
48,541
Lot Size
5.86 acres
Year Built
2004

Investment Overview

Shoppes at Mirador Square is a fully leased, 48,541 square foot (former) grocery anchored shopping center constructed in 2004 as a build to suit for Henry’s Supermarkets. Henry’s Supermarkets was later acquired by Wild Oats Marketplace which at the time shuttered all Phoenix MSA locations. Goodwill sublet the space until the Henry’s master lease recently expired. The 28,124 square foot grocery box space has now been subdivided/backfilled in 2022 by the mega church Desert Springs Church - Gilbert Campus, Self Made Training Facility (Fitness - 22 locations across U.S.) and Premier Ballet Conservatory. The shopping center features very low, under market rents. Weighted rents average only $13.80/sf within a market generating over $20/sf + while experiencing tight retail space availability. Current submarket vacancy is reported to be less than 2.8%. There’s also potential to add a drive thru outparcel along the Warner Road entrance per original development site plans. The remaining 20,417 square feet within the center consists of inline shop space comprised of food/restaurant and service based retail tenants. The center features excellent visibility and access along East Warner and Lindsay Road with combined traffic counts averaging 52,445 daily. Gilbert, AZ is considered to be one of the strongest infill suburbs with Phoenix MSA. Population in the immediate area has exploded 62.6% since 2000 with over 362k people and 125,881 household in a 5-mile radius. The city of Gilbert is ranked as the 2nd Safest City and 22nd Best Place to Live in the U.S.

Investment Highlights

  • Former Henry's Supermarket (Wild Oats Marketplace) Grocery Anchored Retail Center | Excellent Location
  • Fully Leased Shopping Center with Potential Drive Thru Pad | Across From High Performing Albertsons Center
  • Grocery Space (28,124 SF) Subdivided to Desert Springs Church, Self Made Training Facility and Premier Ballet Conservatory
  • Aggressive Rent Increases - Most Leases have 3% or 5% Annual Escalations | Very Low Rents - $13.80/SF Center Average in a $20+ SF and Climbing Rental Market | Very Low Retail Vacancies in Market
  • Center Includes 20,417 SF of Shop Space Consisting of Restaurant/Food and Service Based Tenants | All Leases are NNN Allowing for Full Reimbursement of Expenses and Management Fees
  • Strong Infill Phoenix MSA Suburb | Explosive Population Growth - 362k People w/in 5 Miles | $167k HH Incomes w/in 1-Mile
  • Gilbert AZ is Ranked as the 2nd Safest City and the 22nd Best Place to Live in the Country
  • Signalized Intersection of East Warner Road and Lindsay Road - Combined Average Daily Traffic Counts 52,445

Exclusively Listed By

Broker of Record

  • James K. Crawley

    Associate Regional Manager

    (602) 687-6700

    License(s) AZ: SA659077000

    Arizona

Shopping Neighborhood

Shoppes at Mirador Square

Listing Price: $10,820,000

Cap Rate
6.27%
Rentable SF
48,541
Lot Size
5.86 acres
Year Built
2004

Investment Highlights

  • Former Henry's Supermarket (Wild Oats Marketplace) Grocery Anchored Retail Center | Excellent Location
  • Fully Leased Shopping Center with Potential Drive Thru Pad | Across From High Performing Albertsons Center
  • Grocery Space (28,124 SF) Subdivided to Desert Springs Church, Self Made Training Facility and Premier Ballet Conservatory
  • Aggressive Rent Increases - Most Leases have 3% or 5% Annual Escalations | Very Low Rents - $13.80/SF Center Average in a $20+ SF and Climbing Rental Market | Very Low Retail Vacancies in Market
  • Center Includes 20,417 SF of Shop Space Consisting of Restaurant/Food and Service Based Tenants | All Leases are NNN Allowing for Full Reimbursement of Expenses and Management Fees
  • Strong Infill Phoenix MSA Suburb | Explosive Population Growth - 362k People w/in 5 Miles | $167k HH Incomes w/in 1-Mile
  • Gilbert AZ is Ranked as the 2nd Safest City and the 22nd Best Place to Live in the Country
  • Signalized Intersection of East Warner Road and Lindsay Road - Combined Average Daily Traffic Counts 52,445

Investment Overview

Shoppes at Mirador Square is a fully leased, 48,541 square foot (former) grocery anchored shopping center constructed in 2004 as a build to suit for Henry’s Supermarkets. Henry’s Supermarkets was later acquired by Wild Oats Marketplace which at the time shuttered all Phoenix MSA locations. Goodwill sublet the space until the Henry’s master lease recently expired. The 28,124 square foot grocery box space has now been subdivided/backfilled in 2022 by the mega church Desert Springs Church - Gilbert Campus, Self Made Training Facility (Fitness - 22 locations across U.S.) and Premier Ballet Conservatory. The shopping center features very low, under market rents. Weighted rents average only $13.80/sf within a market generating over $20/sf + while experiencing tight retail space availability. Current submarket vacancy is reported to be less than 2.8%. There’s also potential to add a drive thru outparcel along the Warner Road entrance per original development site plans. The remaining 20,417 square feet within the center consists of inline shop space comprised of food/restaurant and service based retail tenants. The center features excellent visibility and access along East Warner and Lindsay Road with combined traffic counts averaging 52,445 daily. Gilbert, AZ is considered to be one of the strongest infill suburbs with Phoenix MSA. Population in the immediate area has exploded 62.6% since 2000 with over 362k people and 125,881 household in a 5-mile radius. The city of Gilbert is ranked as the 2nd Safest City and 22nd Best Place to Live in the U.S.

Exclusively Listed By

Broker of Record

  • James K. Crawley

    Associate Regional Manager

    (602) 687-6700

    License(s): AZ: SA659077000

    Arizona

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