REBusinessOnline

Vestar Sells Grocery-Anchored Shopping Center for $18.2M in Gilbert, Arizona

Lakeview-Village-Gilbert-AZ

A 52,443-square-foot Bashas’ anchors Lakeview Village at Morrison Ranch in Gilbert, Ariz.

GILBERT, ARIZ. — Phoenix-based Vestar has completed the sale of Lakeview Village at Morrison Ranch, a shopping center located at the corner of Higley and Elliot roads in Gilbert. Colorado-based JFRCO acquired the asset for $18.2 million.

Developed in 2014, the 93,741-square-foot retail center is anchored by a 52,443-square-foot Bashas. At the time of sale, the property was 98.6 percent leased to a variety of tenants, including Dance Republic, Panda Express, UPS Store and Edward Jones.

Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, while John Redfield of SRS Real Estate Partners represented the buyer in the deal.

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