Cushman & Wakefield completed the sale of Covington Plaza. The Bashas’ grocery-anchored shopping center, located at the southeast corner of 7th Street and Union Hills Drive in Phoenix, was purchased by Dallas-based Covington Plaza LLC for $10.2 million.
Cushman & Wakefield Executive Managing Directors Michael Hackett and Ryan Schubert represented the seller, an entity formed by CW Capital.
Developed in 1988, on approximately 9.33 acres, Covington Plaza encompasses 105,574 square feet of quality of retail space. Located just over a mile from the full-diamond interchange at the Loop 101 and 7th Street, the property is 87.4% occupied to a complimentary mix of tenants, including Domino’s Pizza, State Farm Insurance, Firestone Auto and Dairy Queen.
Covington Plaza is highlighted by its anchor tenant, Bashas’, which occupies 52.4% of the gross leasable area. Bashas’ has been operating at this location since 1993 and is in the process of completing an interior remodel. Founded in 1932, Bashas’ is a family-owned grocery store chain, primarily located in Arizona. The Bashas’ family of stores include four distinct formats Bashas’, Bashas’ Dine, AJ’s Fine Foods and Food City.
“With the current tenants in place, and a new 15 year commitment from Bashas’, Covington Plaza should provide the investor a well-diversified income stream and long-term stability,” according to Hackett.