Cushman & Wakefield announced today the sale of Lakeview Village, a grocery-anchored neighborhood shopping center located in the Morrison Ranch master-planned community, at the southeast corner of Elliot and Higley Roads in Gilbert, Ariz. for $17.97 million.
Cushman & Wakefield Executive Managing Directors Michael Hackett and Ryan Schubert represented the seller, Lakeview Village Center, LLC (a company formed by North American Development Group and Morrison Ranch). The buyer was Vestar Lakeview, LLC.
Spanning 16.2-acres, Lakeview Village at Morrison Ranch contains 93,741 SF of retail space. The center’s anchor, Bashas’, occupies approximately 55.9% of the total leasable space in the property. Additionally, Lakeview Village is host to an array of other national retailers such as Bank of America, Panda Express, Great Clips, UPS, H&R Block, Edward Jones and Subway. The property was 96.9% leased at the time of sale.
“Lakeview Village’s grocery anchor on a ground lease, credit outparcels on ground leases and additional land for development made this a highly sought-after asset,” according to Hackett. “Morrison Ranch is a very high quality master-planned community and Lakeview Village is one of the few commercial properties servicing the area.”
Lakeview Village is the only retail center that services the 3,000-acre master-planned community and its seven residential neighborhoods.