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Gateway Park Shopping Center SOLD!

Gateway Park Shopping Center SOLD!
August 08
12:57 2016

Gateway Park Shopping Center at the corner of Lake Powell Boulevard and Highway 89 has sold for $1.95 million, according to AZ Big Media reporting on commercial real estate in Arizona.

The property was purchased by D&S Gardner 3, LLC managed by Douglas S. Gardner of Page, AZ. Gardner is President and CEO of Page Steel and Page Lumber, both major businesses in the Page community.

Page Lumber is located in the east portion of Gateway Park Shopping Center previously occupied by Walmart. Walmart Supercenter is now located on the other side of Highway 89.

The lot size is 9.45 acres with plentiful parking. LoopNet.com reports that the 81,685 square feet of interior space is divided into spaces ranging from 1000 square feet to 46,611 square feet. The largest contiguous space was formerly the location of Basha’s Grocery Store.

The per square foot price of $23.84 is notable according to Nick Miner, Senior Vice President at ORION Investment Real Estate. Miner represented the Seller while Gardner had representation from a local real estate broker.

Miner explained that the vacancies in the shopping center since Basha’s exited created the possibility of purchasing the property at a significant discount. Miner said that the buyer, Gardner, had been trying to purchase the property for some time.

According to ORION, properties such as Gateway Park Shopping Center are harder to sell because of the vacancies and there are fewer potential buyers in smaller towns.

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