Cushman & Wakefield Negotiates Sale of Walgreens Anchored Shopping Center
PHOENIX, Arizona – Cushman & Wakefield announced Monday that Bell Tower Village, a Walgreens anchored community shopping center located on the southeast corner of Bell Road and 51st Avenue in Glendale, Ariz., sold for $14.75 million to New Bell Tower LLC – a company formed by DPC Development Company.
Cushman & Wakefield Executive Managing Directors Ryan Schubert and Michael Hackett represented the seller, Bell Tower Village LLC.
Developed in 1968 and renovated in 1994, Bell Tower Village encompasses 166,830-square- feet of retail space. The center is currently 63.6% leased. Spanning 14.96-acres, the property is home to well-known tenants including Walgreens, Planet Fitness, Harbor Freight Tools, Freddy’s Frozen Custard & Steakburgers, Audio Express and Mattress Firm.
“Bell Tower Village is strategically situated within an extremely dense in-fill trade area with attractive demographics. Together these characteristics created a remarkable value-add investment opportunity in Metro Phoenix for the buyer,” according to Schubert.
The property is located in Glendale, a dynamic city located in Greater Phoenix’s Northwest Valley. The city is composed of a diverse and vibrant population covering a vast cross section of economic and cultural communities. Conveniently accessible with multiple access points and freeway proximity, Bell Tower Village benefits from its prominent location with outstanding visibility to over 70,000 vehicles each day.