Safeway‑Shadow‑Anchored Center in Goodyear, Arizona, Trades to Los Angeles‑Based 1031 Exchange BuyerGOODYEAR, Ariz. (January 20, 2026) - Hanley Investment Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has completed the sale of Mountain Ranch Marketplace, a 49,683-square-foot, Safeway-shadow-anchored neighborhood center located in the Phoenix suburb of Goodyear, Arizona. The sale price was $23 million.
Hanley’s Executive Vice Presidents Bill Asher and Jeremy McChesney, in association with Lee Csenar of Hanley Investment Real Estate Advisors, Inc., represented the buyer, Bershon Realty Company, LP, a private investment company based in Los Angeles. The seller and developer, Kitchell Development Company, was represented by CBRE’s Ryan Schubert, Michael Hackett and Zach Aulick.
Hanley helped Bershon Realty procure a strong‑performing, grocery-shadow-anchored shopping center to fulfill a 1031 exchange requirement. In mid‑October, Hanley represented Bershon Realty Company in the purchase of a similar shopping center shadow-anchored by a newly constructed Safeway, The Shops at Laguna Reserve in Elk Grove, California.
Mountain Ranch Marketplace is located on 12.4 acres at the northwest corner of Estrella Parkway and Elliot Road in Goodyear (9860 South Estrella Parkway, 17626 West Elliot Road and 17650–17670 West Elliot Road).
The property offered upside potential with two developable land pads.
The center is 94.6% occupied and features a diverse mix of internet‑resistant tenants, including AutoZone, Phoenix Children’s Academy, Starbucks, Papa John’s Pizza, Subway, Leslie’s Swimming Pool Supplies, Maricopa Ambulance, Verizon, Edward Jones, Enhanced Beauty & Wellness medical spa, North Star Animal Hospital, Oasis Bagels, T&T Martial Arts Academy, Great Clips, a nail salon, a dentistry practice and others. Tenants not included in the sale include Safeway, McDonald’s, Taco Bell, Walgreens, and Chase Bank.
The Safeway grocery store, shadow‑anchoring the center, is a high‑performing location ranked No. 12 in the state out of 105 Safeway stores in Arizona. The center benefits from zero direct grocery competition within a six‑mile radius and serves as the primary retail destination within the Estrella master‑planned community, one of the largest and fastest‑growing in Arizona.
The Estrella community has more than 8,000 homes built, with an additional 29,000 planned or actively under development. The broader trade area includes more than 50,000 residents within a five‑mile radius, supported by high household incomes, strong homeownership rates and a family‑oriented demographic profile.
Originally built in 2009 with additional construction in 2024, Mountain Ranch Marketplace was the first LEED‑Gold‑certified retail center in Arizona. The award‑winning destination offers excellent visibility, convenient freeway access, and newer construction, reinforcing its position as a central hub for the Estrella community.