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Avison Young announces $2.15 million acquisition of restaurant property for new Barro’s Pizza location in Gilbert, AZ27 Jan 2020
Phoenix, AZ – Avison Young is pleased to announce it has completed a $2.15 million acquisition on behalf of its client, Barro’s Pizza, for a new restaurant location at 2571 S. Market Street in Gilbert, AZ. The single-tenant building was formerly occupied by Ruby Tuesday, and is ideally situated within SanTan Village Marketplace. Renovations are currently taking place, with a grand opening anticipated to occur in April or May 2020.
Avison Young Principal James DeCremer who is located in the firm’s Phoenix office, represented Barro’s in the transaction. The seller was Ruby Tuesday, LLC.
Barro’s Pizza is an award-winning family owned and operated restaurant that opened its first location in Mesa, AZ in 1980. Since then, it has grown to 44 locations including this Gilbert location. In November 2019, DeCremer also represented Barro’s on its latest two Phoenix locations within the newly updated Grand Canyon Crossings retail center at 6135 N. 35th Ave. just a mile from the Grand Canyon University campus, as well as 2601 N Central Ave near downtown Phoenix.
Built in 2007 and situated on just under one-acre of land, the property totals 5,218 square feet and will be one of Barro’s Pizza’s largest restaurants.
“Our team has worked with the Barro family for the last eleven years on identifying more than a dozen new sites and we are pleased to have closed on this new Barro’s Pizza location,” said DeCremer. “The SanTan submarket is one of the strongest in the valley. It is strategically positioned near the 202 freeway in affluent and rapidly growing, Gilbert, AZ.”
“We were looking to relocate our 1431 E. Williams Field Road location in Gilbert and when James presented this former Ruby Tuesday restaurant property we jumped all over it,” said Bruce Barro, of Barro’s Pizza. “We are excited to own an “A” piece of real estate in the SanTan area.”
Other retailers nearby include Top Golf, Costco, Target, Harkins, Nordstrom Rack, Walmart Supercenter, Sam’s Club, Chick-fil-A, In and Out Burger, Panda Express, and Discount Tire, among others, creating a strong crossover customer draw for the restaurant.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.
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For more information:
• Darcie Giacchetto, Places Public Relations: 949.278.6224