Architectural Photography by Michael Baxter, Baxter Imaging LLC

Cushman & Wakefield Represents Seller of Grocery-Anchored Shopping Center

PHOENIX, October 7, 2016 – Cushman & Wakefield announced today that Kierland Village Center, a grocery and drug anchored neighborhood shopping center located at the southeast corner of 64th Street and Greenway Road in Scottsdale, Ariz., sold for $34.5 million to Chicago-based LaSalle Investment Management.

Cushman & Wakefield Executive Managing Directors Michael Hackett and Ryan Schubert represented the seller, Kierland Village CMH LLC.

Developed in 2001, Kierland Village Center encompasses 118,226 square feet of retail space. The center’s anchors, Safeway and Walgreens, occupy approximately 59.94% of the total leasable space. Spanning 13.43-acres, the property is also home to a complimentary collection of national and regional retailers including El Pollo Loco, The UPS Store, Subway, Baskin Robbins, Fantastic Sams, Einstein Bros. Bagels and Panda Express. The property was 100% leased at the time of sale.

“High barriers to entry, desirable trade area, stable cash flow and a strong mix of tenants made Kierland Village Center a rare opportunity to acquire an exceptional grocery/drug anchored investment in the prestigious Scottsdale/Kierland area,” according to Hackett.

The property is located within the Kierland Master Planned Community, a 730-acre community that includes the Westin Kierland Resort and Golf Club, 216-acres of residential space, 107-acres of commercial/retail space, 123-acres of commercial/office space and 11-acres of parks and open space. Additionally, Kierland Commons and the Scottsdale Quarter are within close proximity to the property, both of which offer high-end retail shopping and dining options. Furthermore, it is also less than one-half mile from the Scottsdale Airpark, the largest employment corridor in Scottsdale.

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 43,000 employees in more than 60 countries help investors and occupiers 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 $5 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. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.