Vestar sold Lakeview Village at Morrison Ranch, a 93,471-square-foot, grocery anchored shopping center in Gilbert, AZ, to a Colorado buyer, JFRCO LLC. The Phoenix-based seller ended its two-year hold on the asset, and walked away from the transaction with $18.2 million.
Ryan Schubert and Michael Hackett with Cushman & Wakefield negotiated on Vestar’s behalf. John Redfield with SRS Real Estate Partners represented the buyer in the transaction.
Situated on 13.5 acres at Higley and Elliot Roads, Lakeview Village at Morrison Ranch is anchored by a well-performing Bashas’, which occupies 52,443 square feet. The remaining portion of the asset is 98.6% leased to tenants including Dance Republic, Panda Express, Subway, UPS Store and Edward Jones.
Noted Schubert: “Lakeview Village is a well-performing, grocery-anchored center in a high-growth submarket of Phoenix.”