Lindsay Square, a fully leased neighborhood shopping center in Gilbert,  has been sold for $13 million to a family investment firm based in Washington state. 

The  approximately 46,728-square-foot retail property is located at the northeast corner of Lindsay Road and Williams Field Road. The buyer was represented by Kidder Mathews brokers Jenette Bennett and Michelle Gardner. 

Tenants at Lindsay Square include a daycare, fitness center, veterinary clinic, specialty schools, dry cleaners and a mix of full-service and quick-serve restaurants. Most tenants are long-term occupants, and current rental rates are below market value.

According to the release, rental rates are expected to rise as new developments increase traffic and demand in the area. 

“Investors value stabilized, quality assets in strong locations, whether they are anchored with national tenants or strong local small businesses,” Bennett said in the release. “Investors want more than short-term value-add opportunities—they’re looking for long-term growth in the asset and overall marketplace.” 

The property is located about one mile from Loop 202 and is surrounded by a dense retail corridor, including SanTan Village, which has approximately 1.2 million square feet of retail space. 

The buyer was reportedly seeking a stabilized asset in a high-growth market with potential for future rent appreciation. Bennett will continue to serve as the leasing broker for the center. 

“We facilitated the selection of a mortgage broker early in the process to secure a lender and rate prior to clearing contingencies,” Gardner said in the release. “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.”