November 22, 2024 12:53 pm
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Large REITS are fans of San Tan’s Marketplace

Screen Shot 2014-11-11 at 5.33.08 AMBy Catherine Reagor | The Republic | azcentral.com

Retail investors follow new rooftops in metro Phoenix. Three shopping centers in Gilbert and Chandler – among the Valley’s most popular suburbs for new-home buyers – recently sold to large real estate investment trusts.

New York-based American Realty Capital Partners sold SanTan Marketplace in Gilbert for $66.1 million to a partnership between Blackstone Real Estate and DDR Corp. It is a retail project within the larger SanTan Village. This sale, for the 285,000-square-foot center on the southwest corner of Loop 202 and East Williams Field Road, closed late week. It was part of a bigger national deal including 71 retail properties valued at more than $1.9 billion.

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