AZ Big Media Thompson Thrift buys 35 acres from Gilbert for $225 million development

Thompson Thrift, a nationally recognized full-service real estate company, today announced the acquisition of a 35-acre parcel in the Phoenix suburb of Gilbert where the company plans to develop The Gilmore, a mixed-use project with luxury apartments and over 200,000 square feet of boutique restaurant and retail space. The company expects to begin development in the first half of 2023.

The $225 million the development will bring boutique restaurants, retail and multi-family businesses to Gilbert.

“As Gilbert’s growth path has expanded south in recent years, there is strong demand from residents for elevated shopping and dining options close to where they work and live,” said Ashlee Boyd, managing partner of Thompson Thrift Commercial. “We are thrilled to partner with Thompson Thrift’s commercial, residential and construction units to bring a high-end mixed-use project to the community.”

READ ALSO: Here’s why Gilbert was named the best place in the country to work from home

Located just off the 202 South Mountain Freeway loop at the northwest corner of Val Vista Drive and Germann Road, The Gilmore is located in the heart of the Valley Southeast and is expected to host a host of regional and local retailers, restaurants, entertainment and community service tenants.

Thompson Thrift designed The Gilmore to provide a sense of place and will feature a seamless mix of retail, restaurant and residential uses with a Main Street-style entrance, beautiful landscaping, covered walkways, seating in common areas, murals by local artists and multiple outdoor gatherings. the spaces.

“Mixed-use developments like The Gilmore are possible for Thompson Thrift because of the synergy between our commercial and residential development companies. This internal relationship allows us to work with planners and designers to partner with local municipalities to deliver a first-class development that will be welcomed by local residents,” said Josh Purvismanaging partner of Thompson Thrift Residential.

Chris HakeSenior Vice President, Southwest Region Manager for Thompson Thrift, added, “We expect rental interest to continue to be robust due to Gilmore’s proximity to the exchange of Val Vista and 202 Loop, with a high daytime population and the upscale residential neighborhoods that surround the site.

Phoenix Commercial Advisors, an expert Arizona retail brokerage, will represent Thompson Thrift in leasing the commercial portion of the project.

“The Gilmore will be a unique high-density mixed-use project in the South East Valley. It will include retail boutiques, regional and national full-service and quick-service restaurants, as well as high-end multi-family residences,” said Zach PaceSenior Vice President of Phoenix Commercial Advisors.

Gilbert is located southeast of Phoenix in Maricopa Countyabout 18 miles from Scottsdale. The city’s dedicated attention to local and regional business development, attractive cost of living, economic diversity, and a highly ranked public school system have earned it the title of the best place to live. Arizona as well as the most prosperous large city in the country.

Thompson Thrift is a full-service real estate development company focused on commercial and mixed-use development in the Midwest, Southeast and Southwest. Since its founding more than 30 years ago, Thompson Thrift has invested more than $3.8 billion in local communities and has become a trusted partner committed to the development of attractive, high quality commercial and residential projects.

Thompson Thrift is well established through Arizona with more than 20 commercial, multi-family and industrial projects in development, with an estimated volume of more than $1.5 billion.

Comments are closed.