Cushman & Wakefield announced today that Bethany Towne Center, located at the northeast corner of Bethany Home Road and 35th Avenue in Phoenix, sold for $41.3 million to an entity formed by Manhattan-based Goldman Sachs & Co.
Cushman & Wakefield Executive Managing Directors Michael Hackett and Ryan Schubert represented the seller, PDG America Shopping Centers, LLC of Irving, Texas.
Bethany Towne Center consists of 305,742 square feet of retail space, which was 92.3% leased at the time of sale to a complimentary collection of retailers. Walmart Supercenter anchors the shopping center, and makes up 67.5% of the gross leasable area. The remaining tenants, 95% of which are national/credit tenants, include Denny’s Wendy’s, Sonic, YouFit Health Clubs, Payless Shoes and Starbucks, among others.
Spanning 33.28-acres, Bethany Towne Center is approximately one mile west of Interstate 17 and less than one mile north of Grand Canyon University. The property offers great visibility with monument signage on both sides of the property and provides a total of six points of access, with four along Bethany Home Road and two along 35th Avenue.
“The property is located in a dense, in-fill location in Metro Phoenix. This, along with a strong mix of tenants and its close proximity to the growing GCU campus enhanced its overall value to potential buyers,” according to Hackett.