David van den Berg
The Arizona Republic
Jun. 3, 2008 12:00 AM
Wal-Mart is trying to sell the site of a planned mini-Supercenter in Gilbert Town Square.
CB Richard Ellis is listing the 11.3 acres for $5.5 million.
"I'm hoping something big goes back there," said DaNell Willis, who owns Creative Hands Pottery Studio in the shopping center.
In the short term, finding a buyer may be a challenge.
"The chances of finding a replacement for Wal-Mart are much slimmer than they were a couple of years ago when everything was go, go," said Bob Kammrath, president of Kammrath & Associates, a Phoenix-based commercial real-estate research and analysis firm. "At the moment, I would say there probably aren't many prospects."
In 2004, the company announced plans to build a Supercenter covering about 100,000 square feet in the shopping center near the intersection of Gilbert and Warner roads. But nearby residents opposed the development at meetings, and the company delayed the project before announcing earlier this year that it would not proceed with plans for the store.
Wal-Mart representatives could not be reached. The Arkansas-based retailer is one of three owners of space in the center, along with Michael Vesely's investors group and Triple Five Arizona Development Corp.
The vacant Wal-Mart property is the "big void" in the center, said Michael Banach, Triple Five's leasing director. The site's awkward shape, a triangle instead of a square, could be problematic.
Willis, the pottery studio owner, praised the center.
"My business has done real well here," she said.
In July, Creative Hands is expected to move into the space once occupied by Action Performance's the Pit Stop Shop. The move will give the pottery studio a larger space, which Willis said she needs.
Despite the vacant Wal-Mart land and slowing economy, companies are expressing interest in the portion of the center Triple Five is marketing, Banach said.
He said he has two leases pending, one for a retail tenant and one for an office space tenant.
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