Phoenix-based real estate firm Vestar acquired Lakeview Village at Morrison Ranch, a 93,741-square-foot grocery-anchored neighborhood center in Gilbert for $17.96 million.

Situated on 16 acres at the southeast corner of Higley and Elliot Roads, Lakeview Village at Morrison Ranch is leased to several national and regional retailers including Bashas’, Bank of America, Panda Express, Great Clips, UPS Store, H&R Block, Edward Jones and Subway.  The property also includes multiple undeveloped pad sites.

Vestar’s team brings a wealth of experience, leadership, and resources to Lakeview Village at Morrison Ranch. Geared toward the ownership and management of quality institutional assets, Vestar operates over 26 million square feet of premium retail space throughout the west coast.

“Gilbert continues to be one of the fastest growing cities in Arizona, attracting people from around the state and country,” said Clint Marchuk, Vestar vice president of Acquisitions.  “Our goal is to foster this growth by developing the available pads at the center to bring in new retailers and restaurants for the community to enjoy.”