Cushman & Wakefield negotiated the sale of the 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.
JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), acquired the retail center, Kierland Village.
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 percent of the total leasable space.
“This acquisition demonstrates JLL Income Property Trust’s investment strategy to acquire high-quality, well-located grocery-anchored neighborhood and community-oriented retail centers which should provide longer-term, durable income for our portfolio,” commented Allan Swaringen, President and CEO of JLL Income Property Trust. “This is our 12th grocery-anchored retail acquisition, reflecting our retail strategy to expand our portfolio in key locations where convenient access coupled with positive demographic trends support our core investment thesis.”
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 percent 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,” said 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.
