Weingarten Realty Snags Madison Village Marketplace for $20.3 Million

PHOENIX, Arizona – The capital markets team of Ryan Schubert and Michael Hackett of Cushman & Wakefield, successfully closed the sale of Madison Village Marketplace. Houston-based Weingarten Realty acquired the Safeway anchored shopping center from Phoenix-based Bayless Investment & Trading Company for $20.3 million ($225 PSF).

The 90,264-square-foot retail center, located at the northeast corner of 7th Street and Glendale Avenue in Phoenix, is anchored by a top-performing Safeway which occupies 49,364 sf of the leasable area. Developed in 1997, Madison Village Marketplace is currently 91.3 percent leased with major tenants including Orangetheory Fitness, Sauce Pizza and Wine, Pei Wei Asian Kitchen and Leslie’s Pool Supplies.

Schubert commented, “Madison Village Marketplace was an opportunity to purchase a generational Phoenix neighborhood center that few people thought would ever present itself. It fits perfectly into Weingarten’s local portfolio with a top tier Safeway grocery anchor, huge barriers to entry and immediate upside through lease up and upgrading of the shop tenancy.”




Original Sprouts-Anchored Neighborhood Center in Chandler Sells for $26 Million

The Boardwalk at Andersen Springs, Chandler, AZ

Cushman & Wakefield Sells The Boardwalk at Andersen Springs

PHOENIX, Arizona – Cushman & Wakefield completed the sale of The Boardwalk at Andersen Springs, located at the southeast corner of Dobson and Ray Roads in Chandler, Ariz. Ryan Schubert and Michael Hackett of Cushman & Wakefield Phoenix represented the seller, West Valley Properties of Los Altos, Calif. Los Angeles-based Westwood Financial purchased the property for $26 million.

The Boardwalk at Andersen Springs is anchored by the original Sprouts Farmers Market, which opened in 2005 and currently undergoing a $1 million renovation. The 89,804-square-foot neighborhood center and is currently 97% occupied by a variety of tenants, including Pita Jungle, State Farm, Pet Planet and Desert Financial Credit Union.

“The Boardwalk at Andersen Springs provided Westwood Financial the opportunity to add yet another dominant neighborhood center to its national portfolio of grocery anchored, necessity-based retail,” said Ryan Schubert, Executive Managing Director at Cushman & Wakefield Phoenix.

In the first quarter of 2018, neighborhood & community, strip, power & regional, and lifestyle centers all saw positive absorption in Metro Phoenix according to Cushman & Wakefield research. Neighborhood & community centers saw the largest increase with over 265,000-square-feet of positive absorption, with the southeast valley recording approximately 153,751-square-feet of Metro Phoenix’s retail market’s total net absorption.




Sprouts Anchored Shopping Center Sold for $25.75 Million

The Plant

Cushman & Wakefield Negotiates Sale of The Plant to Dallas Investor

PHOENIX, Arizona – Cushman & Wakefield, on behalf of Phoenix-based Common Bond Development Group, completed the sale of The Plant; a Sprouts Farmers Market anchored neighborhood shopping center. Located on the southeast corner of Gilbert and Ocotillo Roads in Chandler, Ariz., the property was purchased by Dallas-based Sarofim Realty Advisors for $25.75 million ($453 PSF).

Executive Managing Directors Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller.

Anchored by Sprouts Farmers Market, The Plant is a newly developed 56,831-square-foot neighborhood shopping center spanning 7.59 acres and is currently 100% leased to a complimentary collection of national, regional and local tenants. Approximately 81% of the Plant is leased to top-tier national tenants, including Dairy Queen, Café Rio and Starbucks.

“Common Bond spared no expense to create an irreplaceable neighborhood destination in the heart of Chandler and it was extremely attractive to a broad spectrum of investors,” said Ryan Schubert.