November 26, 2019 – SRS Real Estate Partners Investment Properties Group has completed the $18.2 million acquisition of Lakeview Village at Morrison Ranch, a 93,741-square-foot retail center located at 25 to 125 Higley Road in Gilbert, AZ. The property is approximately 99 percent occupied by tenants including grocery anchor tenant Basha’s, Dance Republic, Panda Express, Subway, UPS Store and Edward Jones, among others. It also includes three developable pads.
SRS Senior Vice President John Redfield, and Eric Diesch with Pinnacle Real Estate Advisors represented the buyer, Denver-based JFRCO, LLC. The seller, Vestar, was represented by Ryan Schubert and Michael Hackett of Cushman & Wakefield.
“This was a strategic acquisition for our client,” said Redfield. “We originally sold a smaller asset in the downleg of his 1031 exchange and then identified Lakeview Village at Morrison Park as an ideal upleg. Brad Balbo and Chuck Gibson out of SRS’s Phoenix office who were the leasing agents for Vestar, provided us with ideal insight as our client was seeking to trade into a stabilized asset in a thriving Phoenix submarket.”
He added, “SRS also worked to coordinate a complicated CMBS loan assumption and executed the transaction in a timely manner to meet the 1031 timing requirements.”
Built in 2004 and situated on 16.19 acres at the southeast corner of Higley Road and Elliot. The asset is the only retail center within the surrounding 3,000-acre master planned community of Morrison Ranch. Additionally, an estimated population of more than 111,000 people live within a three-mile radius of the center.
SRS’ National Net Lease Group has successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1.5 billion in assets currently listed for sale.