Gilbert Gateway Towne Center Sells — Massive Value Jump Since 2021
The Gilbert commercial real estate market just delivered another major headline.
The Gilbert Gateway Towne Center, located on the northwest corner of Power and Ray Roads, has reportedly sold for $85 million for roughly 35 acres of retail property — a massive jump from its previous purchase price just a few years ago.
A Quick Look Back
The shopping center last changed hands in 2021, when an investor purchased it for about $50.2 million.
That means the property’s value has potentially climbed by roughly $35 million in about four years, highlighting how strong retail real estate demand has become in Gilbert.
What’s Included in the Sale
The transaction reportedly covered most of the retail center’s acreage — but not every parcel.
Excluded from the sale:
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Target building
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BBQ Island building
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Rubio’s building on the hard corner
Those outparcel exclusions are common in large retail trades since anchor tenants and pad users often own their individual parcels.
Why Investors Love This Location
This isn’t just any shopping center. It’s a high-performing power-center asset:
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Nearly 264,000 square feet of retail space
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Built in 2005 and renovated in 2010
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Previously about 96% occupied with 44 tenants
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Major national retailers including Ross, Michaels, and Mega Furniture
Plus, the location is surrounded by major demand drivers:
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Loop 202 freeway access
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ASU Polytechnic campus
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Phoenix-Mesa Gateway Airport
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Rapid residential growth in surrounding East Valley communities
In commercial real estate terms, that’s what investors call a “core retail corridor.”
What This Sale Signals
If the reported $85M figure holds true, this sale tells us three big things:
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Retail isn’t dead — strong centers are thriving.
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Gilbert remains one of the hottest investment markets in Arizona.
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Institutional capital is still chasing stabilized assets with national tenants.
We’ve already seen similar momentum across the East Valley, where multiple retail centers have traded hands recently as investors target high-growth suburbs.
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