Walmart anchored retail center sells for $41.3M

An entity owned by Goldman Sachs & Co. purchased the Walmart anchored Bethany Towne Center, located near Bethany Home Road and 35th Avenue in Phoenix, for $41.3 million, according to Cushman & Wakefield.

Bethany Towne Center has 305,742 square feet of retail space and was 92.3 percent leased out at the time of the sale. Walmart makes up 67.5 percent of the gross leasable area, and the remaining tenants include Denny’s, Wendy’s, Sonic, YouFit Health Clubs, Payless Shoes and Starbucks, among others.

The retail center is located one mile west of Interstate 17 and less than one mile north of Grand Canyon University. The retail center sits on 33.28 acres and has signage on both sides of the property and six points of access.

Cushman & Wakefield Executive Managing Directors Michael Hackett and Ryan Schubert represented the seller, Texas-based PDG America Shopping Centers LLC.

“The property is located in a dense, in-fill location in Metro Phoenix. This, along with a strong mix of tenants and its close proximity to the growing GCU campus enhanced its overall value to potential buyers,” according to Hackett.

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