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

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