Cushman & Wakefield completed the sale of The Boardwalk at Andersen Springs, located at the southeast corner of Dobson and Ray Roads in Chandler, Ariz. Ryan Schubert and Michael Hackett of Cushman & Wakefield Phoenix represented the seller, West Valley Properties of Los Altos, Calif. Los Angeles-based Westwood Financial purchased the property for $26 million.
The Boardwalk at Andersen Springs is anchored by the original Sprouts Farmers Market, which opened in 2005 and currently undergoing a $1 million renovation. The 89,804-square-foot neighborhood center and is currently 97% occupied by a variety of tenants, including Pita Jungle, State Farm, Pet Planet and Desert Financial Credit Union.
“The Boardwalk at Andersen Springs provided Westwood Financial the opportunity to add yet another dominant neighborhood center to its national portfolio of grocery anchored, necessity-based retail,” said Ryan Schubert, Executive Managing Director at Cushman & Wakefield Phoenix.
In the first quarter of 2018, neighborhood & community, strip, power & regional, and lifestyle centers all saw positive absorption in Metro Phoenix according to Cushman & Wakefield research. Neighborhood & community centers saw the largest increase with over 265,000 square feet of positive absorption, with the southeast valley recording approximately 153,751 square feet of Metro Phoenix’s retail market’s total net absorption.