Lakeview Village at Morrison Ranch

Cushman & Wakefield Negotiates Sale of Grocery-Anchored Shopping Center

PHOENIX, July 27, 2016 – Cushman & Wakefield announced today the sale of Lakeview Village, a grocery-anchored neighborhood shopping center located in the Morrison Ranch master-planned community, at the southeast corner of Elliot and Higley Roads in Gilbert, Ariz. for $17.97 million.

Cushman & Wakefield Executive Managing Directors Michael Hackett and Ryan Schubert represented the seller, Lakeview Village Center, LLC (a company formed by North American Development Group and Morrison Ranch). The buyer was Vestar Lakeview, LLC.

Spanning 16.2-acres, Lakeview Village at Morrison Ranch contains 93,741 SF of retail space. The center’s anchor, Bashas’, occupies approximately 55.9% of the total leasable space in the property. Additionally, Lakeview Village is host to an array of other national retailers such as Bank of America, Panda Express, Great Clips, UPS, H&R Block, Edward Jones and Subway. The property was 96.9% leased at the time of sale.

“Lakeview Village’s grocery anchor on a ground lease, credit outparcels on ground leases and additional land for development made this a highly sought-after asset,” according to Hackett. “Morrison Ranch is a very high quality master-planned community and Lakeview Village is one of the few commercial properties servicing the area.”

Lakeview Village is the only retail center that services the 3,000-acre master-planned community and its seven residential neighborhoods.

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.