PHOENIX, Arizona – Cushman & Wakefield completed the sale of The Groves, a Walmart shadow anchored shopping center located in Tempe, Ariz. Jabbel Holdings, LLC purchased the property for $18.5 million ($109 PSF).
Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.
The Groves is a 169,606-square-foot shopping center located at the northeast corner of Priest Drive and Elliot Road. The property is currently 91% leased to a diverse tenant roster including Walmart (NAP), Ross, PetSmart, Staples, Bob’s Discount Furniture, Beall’s Outlet and Dollar Tree to name a few.
“The Groves is a Walmart anchored institutional quality asset in the supply constrained market of Tempe,” said Executive Managing Director Michael Hackett.