Cushman & Wakefield Sells The Boardwalk at Andersen Springs
PHOENIX, May 23, 2018 – 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.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.