Lakeview Village at Morrison Ranch, a 93.7k sf, Bashas’ grocery-anchored shopping center in Gilbert, AZ, traded for $18.2 mil ($194/sf). The center, located at the southeast corner of Higley Rd and Elliot Rd, was purchased by Colorado-based JFRCO LLC.
The well-performing Bashas occupies 52.4k 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.
Ryan Schubert and Michael Hackett of Cushman & Wakefield negotiated the sale on behalf of the seller, Phoenix-based Vestar. John Redfield of SRS Real Estate Partners repped the buyer in the deal.