The capital markets team of Ryan Schubert and Michael Hackett of Cushman & Wakefield, successfully closed the sale of Madison Village Marketplace. Houston-based Weingarten Realty acquired the Safeway anchored shopping center from Phoenix-based Bayless Investment & Trading Company for $20.3 million.
The 90,264-square-foot (sf) retail center, located at the northeast corner of 7th Street and Glendale Avenue in Phoenix, is anchored by a top-performing Safeway which occupies 49,364 sf of the leasable area. Developed in 1997, Madison Village Marketplace is currently 91.3 percent leased with major tenants including Orangetheory Fitness, Sauce Pizza and Wine, Pei Wei Asian Kitchen and Leslie’s Pool Supplies.
Schubert commented, “Madison Village Marketplace was an opportunity to purchase a generational Phoenix neighborhood center that few people thought would ever present itself. It fits perfectly into Weingarten’s local portfolio with a top tier Safeway grocery anchor, huge barriers to entry and immediate upside through lease up and upgrading of the shop tenancy.”