Cushman & Wakefield sells The Groves for $18.5M

Big Deals | 8 Jan |

Cushman & Wakefield completed the sale of The Groves, a Walmart shadow anchored shopping center located in Tempe, Ariz. Jabbel Holdings, LLC purchased the property for $18.5 million.

Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.

The Groves is a 169,606-square-foot shopping center located at the northeast corner of Priest Drive and Elliot Road. The property is currently 91% leased to a diverse tenant roster including Walmart (NAP), Ross, PetSmart, Staples, Bob’s Discount Furniture, Beall’s Outlet and Dollar Tree to name a few. 

“The Groves is a Walmart anchored institutional quality asset in the supply constrained market of Tempe,” said Executive Managing Director Michael Hackett.

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