Jabbel Holdings Acquires The Groves Shopping Center in Tempe for $18.5M

TEMPE, ARIZ. — Jabbel Holdings has purchased The Groves, a shopping center in Tempe, for $18.5 million. The name of the seller was not released.

Situated at the northeast corner of Priest Drive and Elliot Road, the 169,606-square-foot property was 91 percent leased at the time of sale. Current tenants include Walmart, Ross Dress for Less, PetSmart, Staples, Bob’s Discount Furniture, Beall’s Outlet and Dollar Tree.

Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.