Cushman & Wakefield Negotiates Sale of Bashas’ Anchored Shopping Center

PHOENIX, Oct. 9, 2017 – Cushman & Wakefield completed the sale of Covington Plaza. The Bashas’ grocery-anchored shopping center, located at the southeast corner of 7th Street and Union Hills Drive in Phoenix, was purchased by Dallas-based Covington Plaza LLC for $10.2 million.

Cushman & Wakefield Executive Managing Directors Michael Hackett and Ryan Schubert represented the seller, an entity formed by CW Capital.

Developed in 1988, on approximately 9.33 acres, Covington Plaza encompasses 105,574 square feet of quality of retail space. Located just over a mile from the full-diamond interchange at the Loop 101 and 7th Street, the property is 87.4% occupied to a complimentary mix of tenants, including Domino’s Pizza, State Farm Insurance, Firestone Auto and Dairy Queen.

Covington Plaza is highlighted by its anchor tenant, Bashas’, which occupies 52.4% of the gross leasable area. Bashas’ has been operating at this location since 1993 and is in the process of completing an interior remodel. Founded in 1932, Bashas’ is a family-owned grocery store chain, primarily located in Arizona. The Bashas’ family of stores include four distinct formats Bashas’, Bashas’ Dine, AJ’s Fine Foods and Food City.

“With the current tenants in place, and a new 15 year commitment from Bashas’, Covington Plaza should provide the investor a well-diversified income stream and long-term stability,” according to Hackett.

About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.