Phoenix, Arizona – The capital markets team of Ryan Schubert and Michael Hackett of Cushman & Wakefield, successfully closed the sale of Lakeview Village at Morrison Ranch. Phoenix-based Vestar sold the Bashas’ grocery anchored shopping center to Colorado-based JFRCO, LLC for $18.2 million.
The 93,741-square-foot (sf) retail center, located at the southeast corner of Higley Road and Elliot Road in Gilbert, is anchored by a well-performing Bashas’ that occupies 52,443 sf of the leasable area. Developed in 2004, Lakeview Village at Morrison Ranch is currently 98.6% leased to an attractive tenancy including Dance Republic, Panda Express, Subway, UPS Store and Edward Jones to name a few.
Schubert commented, “Lakeview Village is a well-performing grocery anchored center in a high growth submarket of Phoenix.”
Ryan Schubert and Michael Hackett of Cushman & Wakefield negotiated the sale on behalf of the seller, Vestar and John Redfield of SRS Real Estate Partners represented the buyer, JRFCO.
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Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.